(TheNewswire)
Jervois Global Limited – TheNewswire – October 21, 2022 ( ACN:007 626 575 ) ( ASX/TSXV:JRV ) ( OTC:JRVMF ) Corporate Information 1,519.7M Ordinary Shares 93.6M Options 4.4M 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 2.03, 1-11 Gordon Street Victoria 3121 Australia P: +61 (3) 9583 0498 E: admin@jervoisglobal.com W: www.jervoisglobal.com | Highlights Idaho Cobalt Operations (“ICO”), UnitedStates:
Jervois Finland:
São Miguel Paulista (“SMP”) Nickel and CobaltRefinery, Brazil:
Corporate:
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Idaho Cobalt Operations (“ICO”), United States
Jervois celebrated the official opening of ICO on 7October 2022 with a ceremony attended by its Board of Directors,United States ( “U.S.” )and Australian dignitaries including Idaho Governor Mr. Brad Little;the Ambassador of Australia to the U.S., the Hon. Arthur Sinodinos AO;Under Secretary for Science and Innovation, U.S. Department of Energy,Dr. Geri Richmond; and the Deputy Assistant Secretary for Textile,Consumer Goods and Materials, U.S. Department of Commerce, Ms.Jennifer Knight.
The ceremony took place at 8,100 feet, surrounded bythe Salmon Challis National Forest, which is managed by Jervois’regulator, the U.S. Forest Service. Jervois acknowledges that ICO islocated within lands traditionally occupied by the Shoshone-BannockTribes and Nez Perce Tribe, whose rights are respectively reserved bytreaties across the region. This serves to reinforce Jervois’continued dedication to environmental stewardship and engagement withtribal governments.
ICO is the only primary cobalt mine in the U.S. andwill produce a cobalt concentrate, which will be refined into thecritical metal necessary for electric vehicles, energy generation anddistribution, defense and other industries. Cobalt will play a keyrole in the transition to a low carbon economy.
Jervois commenced the first stage of plantcommissioning at ICO following the opening, with commissioningexpected to continue throughout October and November. Commercialconcentrate production is expected in Q4 2022. Jervois expects toachieve full nameplate capacity by the end of Q1 2023.
ICO Construction and Mine Development Progress
Ore delivery to the plant on the ICO site is expectedto begin during Q4 2022, with multiple ore faces now available forproduction mining. Underground mine infrastructure, including theunderground fuel island, triple clarifying sumps and the main shop,are nearing completion. Mine development continues with a focus onvertical development to support additional production ore faces,reducing risk to ore delivery and increasing optionality for blending.
During September, the ICO mining camp opened and is nowoperating at 90% capacity. The mining camp consists of 102 individualrooms with ensuites, a dining facility, laundry facilities andrecreation facilities. During Q4 2022, the “miners’ dry” isexpected to be installed and commissioned. The ICO mining camp willdeliver increased safety benefits with reduced travel and improvedfatigue management, as well as increased productivity from increasedworking hours, efficient shift changes and the ability to continueconstruction activities on a 24 hours / 7 days a week basis.
At the end of Q3 2022, ICO construction was at 95%engineering completion and 71% construction completion. Majorequipment installs including the SAG mill, ball mill, jaw crusher,fine ore bin, raw water tank, process water tank, copper and cobaltflotation cells are now complete. Commissioning on key utility systemssuch as process water delivery has commenced. Concrete work for theproject is nearing completion, as construction focus moves toelectrical and piping installation with the first installs occurringduring the period.
During Q3 2022, expansion of the Tailings and WasteStorage Facility ( “TWSF” ) commenced with all earthmoving, lining and pipingcompleted, with only the installation of the aggregate overlinerremaining for completion in Q4 2022.
At the end of September, Jervois had spent US$91.0million of the total capital expenditure budget of US$107.5 million,with final project capital expected to fall within this estimate.Capital expenditure in Q3 2022 was US$24.1 million.
Drilling at ICO
During 2022, Jervois commenced a US$4.8 million, or46,000 feet, drilling campaign at ICO targeting both infill andexpansion of the existing known mineral reserve and resource. To date,the Company has completed 28,000 feet of drilling, which has reduceddrill hole spacing in the resource that will underpin mining in 2023and into 2024. With adequate underground access now available, surfacedrilling (including targeted resource expansion holes) is movingunderground, where productivity is expected to improve and cancontinue through the upcoming winter.
An updated Australian JORC 2012 and Canadian NationalInstrument ( “NI” )43-101 Mineral Reserve and Resource Estimate is expected to bepublished in Q2 2023.
Offtake
As there are no cobalt refineries in the U.S., thecobalt concentrate produced at ICO must be sent outside the countryfor refining. Jervois has an option to refine ICO cobalt concentrateat its 100%-owned São Miguel Paulista ( “SMP” ) refinery in São Paulo,Brazil, and is continuing its negotiations with third-party processorsin countries allied to the U.S..
Jervois will sell copper concentrate from ICO intoNorth American markets.
Operating Costs
ICO construction has taken place across a period ofrising inflation in the U.S.. Strong management by Jervois and itsU.S. construction partners, led by M3 Engineering, minimised capitalexpenditure increases for mine development and construction. As themine enters commissioning, Jervois is working to optimise its businessplan for ICO including opportunities to mitigate these same U.S.inflationary pressures on ICO operating costs.
Strategic Importance of ICO
ICO became an economically viable project as cobaltprices increased, and global geopolitical perspectives evolved withgovernments placing increased importance on critical mineralproduction in their own countries or in friendly jurisdictions. ICOwill be a key contributor to U.S. national security by securing adomestic supply of cobalt, which has been designated a criticalmineral by the U.S. Government.
Jervois hopes to progress its engagement with the U.S.Government to preserve and expand these national security benefits,including potential investments into mine expansion and downstreamprocessing, and other strategies to ensure that pricing volatilityassociated with a commodity supply chain controlled by China does notadversely impact the U.S. national interest.
Jervois is proud of its ESG record to date and plans tocontinue to demonstrate its ability to operate ICO with strongenvironmental stewardship. Jervois looks forward to continuing itsproductive relationship with its regulators, including the U.S. ForestService, as it examines potential mine expansion within the currentlydisturbed site footprint.
Jervois may pursue financing options for ICO and / orin other parts of its business with the U.S. Government that could bein addition to or in place of the existing ICO Bonds, in accordance with the Bond Terms. Jervois does not expect toupdate the market on any such financing options unless a definitiveagreement is reached.
Jervois Finland Q3 2022 Results
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Quarterly revenue: US$84.6 million (Q2 2022: US$91.2 million)
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Adjusted EBITDA -US$0.6million (Q2 2022: US$11.9 million)
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Adjusted EBITDA margin: -0.7% (Q2 2022: 13.0%)
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Cobalt sales volume: 1,407 metric tonnes (Q2 2022: 1,139 metric tonnes)
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Production volume: 1,586 metric tonnes (Q2 2022: 1,145 metric tonnes)
Sales and Marketing
The cobalt market has stabilised after the recentdownturn where the global macroeconomic situation, along withcontinuing Covid-related lockdowns, temporarily dampened demand. Risksof disruptions to global supply from the Democratic Republic of Congoare re-emerging. This may trigger re-stocking by downstream userswhich would favourably impact prices, should this occur. The outlookremains positive for 2023 and beyond. The growth in battery sectordemand is poised to accelerate, the consumer electronics sector isexpected to recover, while demand in traditional industrial uses isexpected to grow broadly in line with global GDP.
Jervois’ outlook for key market segments issummarised below.
Batteries:
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Lithium cobalt oxide “LCO” ) chemistry into China remainsweak; whilst electric vehicle demand is growing rapidly, lithium ionbattery usage into cell phones, tablets and computers remains a largedriver of the cobalt market.
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Jervois Finland sales to the battery market remainsluggish as producers sit on high levels of inventory and programmeshave been delayed. A lack of semiconductors has been cited as thereason for much of the softness.
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Looking to 2023, Jervois’s customers will carryinventory across the remainder of 2022 and into early 2023, and cobaltsales are expected to begin accelerating across next year as thesituation both improves, and electric vehicle penetration ratescontinue to rise.
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Jervois’s commercial team are in active negotiationswith major European, U.S. and Japanese battery plants regarding asignificant uptick in cobalt demand that is steadily projected across2023, and then aggressively from early 2024.
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The recent U.S. Inflation Reduction Act 2022 isexpected to have a profound impact not only on trade flows but alsoindustry capital allocation, as the economic benefits associated thelegislation trigger both new investment decisions into America, andprior announcements to be revisited in light of U.S.incentives.
Chemicals, Catalysts and Ceramics:
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Catalysts: cobalt carbonate salesto Jervois Finland’s customer base continue to meet expectations,which are currently at the lower end of historical bands particularlyin hydrodesulphurization ( “HDS” ) catalysts. Modest growth isexpected in 2023, with gas to liquids ( “GTL” ) catalysts holding up betterthan HDS.
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Chemicals: consumption remainssteady, particularly in Asia, of cobalt hydroxide for rubber adhesionpromoters and coatings, while Western demand is weakening. Cobaltsulphate usage in copper electrowinning remained steady.
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Ceramics: high energy costscontinue to dampen demand at ceramic tile and pigment producers,particularly in Europe, while Chinese cobalt oxide producers remainactive participants in global markets as a result of their country’scontinued ‘zero Covid’ policy and consequential impact on theirdomestic economy.
Powder Metallurgy:
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Jervois has relatively limited direct sales, butaerospace (the second largest consumer of cobalt after batteries) haspicked up substantially post Covid, with a strong outlook for 2023.Rising demand in aerospace is being supported by increases across bothcivilian and defense industry sectors. Cobalt metal (of whichaerospace consumes) has the most pronounced impact on Western pricing,published by Fastmarkets Metal Bulletin.
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Jervois Finland cobalt powder sales have softened, asrecession concerns have hard metal and diamond tool customers reducinginventories and forecasting limited growth in 2023.
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European customers are expressing concern that lack ofnatural gas supplies could impact business activity levels, dependingon the harshness of the winter and geopolitical situation followingRussia’s invasion of Ukraine.
Jervois Finland achieved production of 1,586 metrictonnes and sales of 1,407 metric tonnes in the quarter, an increaseover the prior quarter of +38.5% (which was affected by a scheduledannual maintenance shutdown) and +23.5%, respectively. Quarterly salesvolumes were restored to historic average levels as market demandstabilised. Jervois continues to pursue new market developmentinitiatives, with a focus on expanding and deepening relationships inthe high-growth battery segment, to underpin future growth.
The business is pursuing a disciplined approach tomanaging its cobalt inventories. Inventories continue to be abovetarget levels at 30 September. The pace of inventory reduction isbeing optimised for market conditions. Working capital is discussedfurther below.
Financial Performance 2
Jervois Finland achieved revenue of US$84.6 million inQ3 2022 (Figure 1).
Figure 1: Jervois Finland Revenue (US,unaudited)
Jervois Finland revenue was 8% lower than the priorquarter. Sales volumes were 23% higher, offset by the impact of a 32%decline in the average cobalt price.
Adjusted Jervois Finland EBITDA for Q3 2022 of (US$0.6million) compares to US$11.9 million in the prior quarter (Figure 2and Figure 3).
Figure 2: Jervois Finland Adjusted EBITDA (US,unaudited)
Figure 3: Jervois Finland Adjusted EBITDA Margin (%,unaudited)
Year-to-date Adjusted EBITDA is US$26.2 million, andyear-to-date Adjusted EBITDA margins are 9%. The key impact on Q3 2022performance is the higher realised feed costs in the profit and lossaccount. This resulted from the sharp downward movement in the cobaltprice in Q2 2022 and early in Q3 2022. Costs are realised in theprofit and loss account based on the average cost of inventory at thetime when finished goods are sold. For the current period, costsrealised in the profit and loss account included raw materials costslinked to purchases settled in the periods priorto the recent price declines. Jervois expects feed costs realised inthe profit and loss account and margins to start to normalise in Q42022.
Sales volume guidance for the full year is 5,400 to5,600 mt. Adjusted EBITDA guidance for the full year is US$27.5million to US$32.5 million based on actual results for the year todate and a US$25.00/lb cobalt price assumption for Q4 2022, down fromUS$27.50 for 1H 2022 at the last results. Jervois is revising itsguidance methodology for 2023, which will focus on communicating keyphysical metrics and operating cost guidance for its operatingassets.
Working Capital
Net working capital was stable relative to the priorquarter. Cobalt inventories were 2,687 mt at 30 September, compared to2,491 mt at 30 June. Total inventory volume at ~160 days remains inexcess of target levels (90 to 110 days). A key driver is the cobalthydroxide supply catch-up that occurred in Q2 2022 followingsignificant interruptions to logistics over the prior 12 months.Jervois has elected to stage the inventory unwind into 2023 with theaim of preserving value in periods where the market has beenrelatively illiquid and supporting management of near-term risksaround raw materials supply. Jervois anticipates that cashprogressively released from working capital reductions will be used tomeet partial repayment of the Mercuria working capital facility.
The Net Realisable Value ( “NRV” ) of cobalt inventories as at30 September 2022 was lower than historic cost, and therefore aUS$17.3 million non-cash accounting adjustment has been recorded inthe period. The NRV write-down is a non-cashadjustment to the book value of inventory and does not impact theeconomic gain or loss associated with the inventory position. Theeconomic gain or loss is expected to be realised in future cash flowsaccording to market conditions and other circumstances in the futureperiod when the inventory is sold. The cost hasbeen excluded from Adjusted EBITDA. 3
São Miguel Paulista (“SMP”) Nickel and CobaltRefinery, Brazil
In September, Jervois received an EnvironmentalInstallation License ( the “LPI” ) for its São Miguel Paulista ( “SMP” ) nickel cobalt refinery inSão Paulo. This license from the State environmental regulator,Companhia Ambiental do Estado de São Paulo ( “CETESB” ), represents São PauloState approval for construction of the Stage 1 SMP restart, anotherimportant milestone for the project.
Activities in support of the restart of the refineryare advancing. Detailed engineering and execution planning areadvancing in partnership with Ausenco. Commercial activities areadvancing with increased confidence in an ability to achieve futuresupply of nickel intermediate feed products on more attractive termsthan assumed in the published Bankable Feasibility Study(“ BFS ”) (seeannouncement on 29 April 2022). The POX BFS now expected end Q4 2022,with the scope linked with third party concentrate sale negotiations,which remain ongoing.
Jervois forecasts production of 10,000 metric tonnesper annum ( “mtpa” ) and2,000 mtpa of refined nickel and cobalt metal cathode respectively forthe Stage 1 SMP refinery restart. Final investment decision expectedin Q4 2022.
Nico Young Nickel-Cobalt Project, New South Wales,Australia
Jervois’ 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. An inspection will beundertaken in late October to assess the local conditions followingsignificant local rainfall, and review key activities for the planneddrilling program expected to commence in January 2023.
Corporate Activities
Liquidity
Jervois closed the quarter with US$52.3 million cashand US$157.6 million in physical cobalt inventories. Debt drawn downat the balance sheet date was US$200.0 million.
Investor Relations
In August, Jervois’ Chief Executive Officer, Mr.Bryce Crocker, presented at the Diggers & Dealers Mining Forum inKalgoorlie, Australia.
Environmental, Social, Governance and Compliance
Responsible Supply Chains
Jervois established a Responsible Supply Chain WorkingGroup in the quarter to strengthen internal capacity. The workinggroup will harmonise approaches to meeting requirements under OECD andthe Responsible Minerals Initiative ( “RMI” ) guidelines and establish duediligence requirements for both mineral and non-mineral supply chainsrelated to emerging legislation in the U.S., European Union( “E.U.” ) andelsewhere.
Jervois is well positioned to leverage the expertise,policies and processes in place at Jervois Finland, the first cobaltchemical and metal powder producer conformant to RMI’s DownstreamAssessment Program. In conjunction, Jervois’ Group Manager – ESGand Jervois Finland’s Director of Plant Support and Administrationconducted a 10-day visit to a number of supplier sites in order toassess Jervois’ upstream ESG compliance. All supplier sites visitedwere observed to be aligned with international standards, includingthrough having well-established risk management frameworks.
Climate Action
A series of near-term, carbon emission reductionmeasures are already underway at Jervois Finland, including thesecuring of access to long term (10 year) renewable electricityrepresenting approximately two thirds of its total annual current(prior to expansion) power consumption commencing in 2024 and 2025 asannounced on 20 October 2022, with additional strategies identifiedthrough to 2035 and beyond. These largely relate to a continued focuson energy and resource efficiency, including through introduction oflow carbon technology, equipment and inputs; improvements in water andwaste management; and continued engagement in Towards Carbon NeutralMetals ( “TOCANEM” ), aconsortium of metal industry companies and universities in Finland.TOCANEM is focused on new product opportunities, technologyinnovations, process efficiencies and the circular economy to reachcarbon neutral targets.
Diversity and Inclusion
Jervois recognises that, by developing inclusiveworking conditions and fostering a diverse workforce, we can create apipeline for promotion from within while creating conditions toattract talent from outside. Benefits in terms of productivity,innovation, decision-making, employee satisfaction and other factorsare well-established. A Diversity and Inclusion Roadmap is beingprepared, led by the Diversity and Inclusion Working Group.
Jervois Whistleblower and Grievance Process
Reinforcement of Jervois’ whistleblower andoperations-level grievance processes is essential to compliance withacceptable standards of practice under industry ESG standards whilehelping to strengthen community relations, create inclusive workingconditions, support responsible supply chains, and foster continuousimprovement. Jervois has engaged People InTouch to provideorganisational support, including training, to improve existingwhistleblower and grievance mechanisms and establish a “Speak Up”culture at all levels of the organisation.
Engaging the Global Community
During the quarter, Jervois continued to engage in theCobalt Institute Responsible Sourcing and Sustainability Committee,including through participation in online training aimed to enhancecapacity to meet requirements of E.U. legislation concerning humanrights and environmental justice expectations.
Jervois also continued to engage with the U.S. CriticalMaterials Initiative during the quarter, which aims to advance greenertechnology via cutting edge research, and the U.S.’ National MiningAssociation, including through participation in training related tothe Rights of Indigenous Peoples and Free, Prior and Informed Consent.
Management Updates
Post quarter-end in October, Jervois appointed Mr.Carlos Braga as Executive General Manager – Brazil.
Mr. Braga joins Jervois from Brazilian privatefertilizer group, Morro Verde Fertilizer, where he was Chief ExecutiveOfficer since 2021 and successfully transitioned the company intooperation, selling phosrock into the Brazilian domestic market. Priorto Morro Verde Fertilizer, Mr. Braga spent three years at McKinsey inSão Paulo where he advised clients on operational transformation andoptimisation across a range of industries including fertilizers, rareearths, and base metals.
Mr. Braga has previous experience with SMP, when earlyin his career in 2001 he collaborated in the implementation of a US$20million expansion at SMP through his role at the engineering firmProgen.
Mr. Braga is a graduate of São Paulo University withan MBA from Cornell University in the United States.
Acting EGM Brazil, Mr. Valdecir Botassini (refer toannouncement dated 26 January 2021) will continue in his current roleas SMP Project Director, where he and Jervois Brasil’s localoperating team in São Paulo are coordinating detailed engineering andadvanced procurement by Ausenco to underpin restarting the facility,ahead of anticipated final investment decision by the Jervois Boardbefore the end of 2022.
Exploration and Development Expenditure
No material cash expenditure on exploration anddevelopment was incurred during the quarter.
Insider Compensation Reporting
During the quarter, US$0.05 million was paid toNon-Executive Directors and US$0.1 million was paid to the CEO(Executive Director).
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 option holders as part of theeCobalt transaction. As at 30 September 2022, the following Jervoisshares were issued in the quarter on exercise of eCobalt options andthe following eCobalt options remain outstanding:
Jervois shares issued in the quarter on exercise ofeCobalt options: | Nil |
eCobalt options remaining 4 | |
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 |
By Order of the Board
Bryce Crocker
Chief Executive Officer, Jervois Global Limited
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 |
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 undertaken at ICO, timing of production at ICO,preparation of studies on the SMP refinery, timing of restart of SMPrefinery and the reliability of third party information, and certainother factors or information. Such statements represent theCompany’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 RegulationServices Provider (as that term is defined in policies of the TSXVenture Exchange) accepts responsibility for the adequacy or accuracyof this release.
Basis of Preparation of Financial Information
Historical and forecast financial information
Historical financial information for Jervois Finlandprior to acquisition by Jervois Global Limited on 1 September 2021 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 Limited on 1September 2021 is presented on a proforma basis for illustrativepurposes only.
Financial information presented for periods after theacquisition on 1 September 2021 is prepared under Jervois Global Groupaccounting policies, which conform with Australian AccountingStandards ( “AASBs” )and International Financial Reporting Standards ( “IFRS” ). The Jervois Finlandfinancial results for the period post-acquisition are consolidatedinto the Jervois Global Group consolidated financial statements.Information presented 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 September and forecast results for October toDecember. The forecast period includes an assumption of a Q4 2022forecast Fastmarkets Metal Bulletin Standard Grade Low quoted cobaltprice of US$25.00/lb and cobalt hydroxide index price of 32% . Otherforecast assumptions, including production, sales plans, costs andexchange rates are based on Jervois’ internal estimates.
Reconciliation of NPAT to EBITDA and AdjustedEBITDA
EBITDA is a non-IFRS financial measure. EBITDA ispresented as net income after adding back interest, tax, depreciationand amortisation, and extraordinary items. Adjusted EBITDA representsEBITDA 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,impairment charges (or reversals), certain derivative items, NRVadjustments to inventories*, and one-off costs related topost-acquisition integration.
*NRV is excluded from Adjusted EBITDA given theadjustment occurs in times of extreme and rapid cobalt pricemovements. This approach is consistent with the scope of exclusionspreviously disclosed by Jervois, which includes impairments andreversals, and the 2019 proforma financials disclosed as part of theJuly 2021 equity raise. The adjustment in 2019 was made in similarcircumstances of extreme cobalt price volatility.
Tenements
Australian Tenements
Ardnaree (NSW) | EL 5527 | 100.0 | |
Thuddungra (NSW) | EL 5571 | 100.0 | |
Nico Young (NSW) | EL 8698 | 100.0 | |
West Arunta (WA) | E80 4820 | 17.9 | |
West Arunta (WA) | E80 4986 | 17.9 | |
West Arunta (WA) | E80 4987 | 17.9 |
Kilembe Area | EL0292 | 100.0 | |
Kilembe Area | EL0012 | 100.0 |
SUN 1 | 222991 | 174156 |
SUN 2 | 222992 | 174157 |
SUN 3 Amended | 245690 | 174158 |
SUN 4 | 222994 | 174159 |
SUN 5 | 222995 | 174160 |
SUN 6 | 222996 | 174161 |
SUN 7 | 224162 | 174628 |
SUN 8 | 224163 | 174629 |
SUN 9 | 224164 | 174630 |
SUN 16 Amended | 245691 | 177247 |
SUN 18 Amended | 245692 | 177249 |
Sun 19 | 277457 | 196394 |
SUN FRAC 1 | 228059 | 176755 |
SUN FRAC 2 | 228060 | 176756 |
TOGO 1 | 228049 | 176769 |
TOGO 2 | 228050 | 176770 |
TOGO 3 | 228051 | 176771 |
DEWEY FRAC Amended | 248739 | 177253 |
Powder 1 | 269506 | 190491 |
Powder 2 | 269505 | 190492 |
LDC-1 | 224140 | 174579 |
LDC-2 | 224141 | 174580 |
LDC-3 | 224142 | 174581 |
LDC-5 | 224144 | 174583 |
LDC-6 | 224145 | 174584 |
LDC-7 | 224146 | 174585 |
LDC-8 | 224147 | 174586 |
LDC-9 | 224148 | 174587 |
LDC-10 | 224149 | 174588 |
LDC-11 | 224150 | 174589 |
LDC-12 | 224151 | 174590 |
LDC-13 Amended | 248718 | 174591 |
LDC-14 Amended | 248719 | 174592 |
LDC-16 | 224155 | 174594 |
LDC-18 | 224157 | 174596 |
LDC-20 | 224159 | 174598 |
LDC-22 | 224161 | 174600 |
LDC FRAC 1 Amended | 248720 | 175880 |
LDC FRAC 2 Amended | 248721 | 175881 |
LDC FRAC 3 Amended | 248722 | 175882 |
LDC FRAC 4 Amended | 248723 | 175883 |
LDC FRAC 5 Amended | 248724 | 175884 |
RAM 1 | 228501 | 176757 |
RAM 2 | 228502 | 176758 |
RAM 3 | 228503 | 176759 |
RAM 4 | 228504 | 176760 |
RAM 5 | 228505 | 176761 |
RAM 6 | 228506 | 176762 |
RAM 7 | 228507 | 176763 |
RAM 8 | 228508 | 176764 |
RAM 9 | 228509 | 176765 |
RAM 10 | 228510 | 176766 |
RAM 11 | 228511 | 176767 |
RAM 12 | 228512 | 176768 |
RAM 13 Amended | 245700 | 181276 |
RAM 14 Amended | 245699 | 181277 |
RAM 15 Amended | 245698 | 181278 |
RAM 16 Amended | 245697 | 181279 |
Ram Frac 1 Amended | 245696 | 178081 |
Ram Frac 2 Amended | 245695 | 178082 |
Ram Frac 3 Amended | 245694 | 178083 |
Ram Frac 4 Amended | 245693 | 178084 |
HZ 1 | 224173 | 174639 |
HZ 2 | 224174 | 174640 |
HZ 3 | 224175 | 174641 |
HZ 4 | 224176 | 174642 |
HZ 5 | 224413 | 174643 |
HZ 6 | 224414 | 174644 |
HZ 7 | 224415 | 174645 |
HZ 8 | 224416 | 174646 |
HZ 9 | 224417 | 174647 |
HZ 10 | 224418 | 174648 |
HZ 11 | 224419 | 174649 |
HZ 12 | 224420 | 174650 |
HZ 13 | 224421 | 174651 |
HZ 14 | 224422 | 174652 |
HZ 15 | 231338 | 178085 |
HZ 16 | 231339 | 178086 |
HZ 18 | 231340 | 178087 |
HZ 19 | 224427 | 174657 |
Z 20 | 224428 | 174658 |
HZ 21 | 224193 | 174659 |
HZ 22 | 224194 | 174660 |
HZ 23 | 224195 | 174661 |
HZ 24 | 224196 | 174662 |
HZ 25 | 224197 | 174663 |
HZ 26 | 224198 | 174664 |
HZ 27 | 224199 | 174665 |
HZ 28 | 224200 | 174666 |
HZ 29 | 224201 | 174667 |
HZ 30 | 224202 | 174668 |
HZ 31 | 224203 | 174669 |
HZ 32 | 224204 | 174670 |
HZ FRAC | 228967 | 177254 |
JC 1 | 224165 | 174631 |
JC 2 | 224166 | 174632 |
JC 3 | 224167 | 174633 |
JC 4 | 224168 | 174634 |
JC 5 Amended | 245689 | 174635 |
JC 6 | 224170 | 174636 |
JC FR 7 | 224171 | 174637 |
JC FR 8 | 224172 | 174638 |
JC 9 | 228054 | 176750 |
JC 10 | 228055 | 176751 |
JC 11 | 228056 | 176752 |
JC-12 | 228057 | 176753 |
JC-13 | 228058 | 176754 |
JC 14 | 228971 | 177250 |
JC 15 | 228970 | 177251 |
JC 16 | 228969 | 177252 |
JC 17 | 259006 | 187091 |
JC 18 | 259007 | 187092 |
JC 19 | 259008 | 187093 |
JC 20 | 259009 | 187094 |
JC 21 | 259010 | 187095 |
JC 22 | 259011 | 187096 |
CHELAN NO. 1 Amended | 248345 | 175861 |
GOOSE 2 Amended | 259554 | 175863 |
GOOSE 3 | 227285 | 175864 |
GOOSE 4 Amended | 259553 | 175865 |
GOOSE 6 | 227282 | 175867 |
GOOSE 7 Amended | 259552 | 175868 |
GOOSE 8 Amended | 259551 | 175869 |
GOOSE 10 Amended | 259550 | 175871 |
GOOSE 11 Amended | 259549 | 175872 |
GOOSE 12 Amended | 259548 | 175873 |
GOOSE 13 | 228028 | 176729 |
GOOSE 14 Amended | 259547 | 176730 |
GOOSE 15 | 228030 | 176731 |
GOOSE 16 | 228031 | 176732 |
GOOSE 17 | 228032 | 176733 |
GOOSE 18 Amended | 259546 | 176734 |
GOOSE 19 Amended | 259545 | 176735 |
GOOSE 20 | 228035 | 176736 |
GOOSE 21 | 228036 | 176737 |
GOOSE 22 | 228037 | 176738 |
GOOSE 23 | 228038 | 176739 |
GOOSE 24 | 228039 | 176740 |
GOOSE 25 | 228040 | 176741 |
SOUTH ID 1 Amended | 248725 | 175874 |
SOUTH ID 2 Amended | 248726 | 175875 |
SOUTH ID 3 Amended | 248727 | 175876 |
SOUTH ID 4 Amended | 248717 | 175877 |
SOUTH ID 5 Amended | 248715 | 176743 |
SOUTH ID 6 Amended | 248716 | 176744 |
South ID 7 | 306433 | 218216 |
South ID 8 | 306434 | 218217 |
South ID 9 | 306435 | 218218 |
South ID 10 | 306436 | 218219 |
South ID 11 | 306437 | 218220 |
South ID 12 | 306438 | 218221 |
South ID 13 | 306439 | 218222 |
South ID 14 | 306440 | 218223 |
OMS-1 | 307477 | 218904 |
Chip 1 | 248956 | 184883 |
Chip 2 | 248957 | 184884 |
Chip 3 Amended | 277465 | 196402 |
Chip 4 Amended | 277466 | 196403 |
Chip 5 Amended | 277467 | 196404 |
Chip 6 Amended | 277468 | 196405 |
Chip 7 Amended | 277469 | 196406 |
Chip 8 Amended | 277470 | 196407 |
Chip 9 Amended | 277471 | 196408 |
Chip 10 Amended | 277472 | 196409 |
Chip 11 Amended | 277473 | 196410 |
Chip 12 Amended | 277474 | 196411 |
Chip 13 Amended | 277475 | 196412 |
Chip 14 Amended | 277476 | 196413 |
Chip 15 Amended | 277477 | 196414 |
Chip 16 Amended | 277478 | 196415 |
Chip 17 Amended | 277479 | 196416 |
Chip 18 Amended | 277480 | 196417 |
Sun 20 | 306042 | 218133 |
Sun 21 | 306043 | 218134 |
Sun 22 | 306044 | 218135 |
Sun 23 | 306045 | 218136 |
Sun 24 | 306046 | 218137 |
Sun 25 | 306047 | 218138 |
Sun 26 | 306048 | 218139 |
Sun 27 | 306049 | 218140 |
Sun 28 | 306050 | 218141 |
Sun 29 | 306051 | 218142 |
Sun 30 | 306052 | 218143 |
Sun 31 | 306053 | 218144 |
Sun 32 | 306054 | 218145 |
Sun 33 | 306055 | 218146 |
Sun 34 | 306056 | 218147 |
Sun 35 | 306057 | 218148 |
Sun 36 | 306058 | 218149 |
Chip 21 Fraction | 306059 | 218113 |
Chip 22 Fraction | 306060 | 218114 |
Chip 23 | 306025 | 218115 |
Chip 24 | 306026 | 218116 |
Chip 25 | 306027 | 218117 |
Chip 26 | 306028 | 218118 |
Chip 27 | 306029 | 218119 |
Chip 28 | 306030 | 218120 |
Chip 29 | 306031 | 218121 |
Chip 30 | 306032 | 218122 |
Chip 31 | 306033 | 218123 |
Chip 32 | 306034 | 218124 |
Chip 33 | 306035 | 218125 |
Chip 34 | 306036 | 218126 |
Chip 35 | 306037 | 218127 |
Chip 36 | 306038 | 218128 |
Chip 37 | 306039 | 218129 |
Chip 38 | 306040 | 218130 |
Chip 39 | 306041 | 218131 |
Chip 40 | 307491 | 218895 |
DRC NW 1 | 307492 | 218847 |
DRC NW 2 | 307493 | 218848 |
DRC NW 3 | 307494 | 218849 |
DRC NW 4 | 307495 | 218850 |
DRC NW 5 | 307496 | 218851 |
DRC NW 6 | 307497 | 218852 |
DRC NW 7 | 307498 | 218853 |
DRC NW 8 | 307499 | 218854 |
DRC NW 9 | 307500 | 218855 |
DRC NW 10 | 307501 | 218856 |
DRC NW 11 | 307502 | 218857 |
DRC NW 12 | 307503 | 218858 |
DRC NW 13 | 307504 | 218859 |
DRC NW 14 | 307505 | 218860 |
DRC NW 15 | 307506 | 218861 |
DRC NW 16 | 307507 | 218862 |
DRC NW 17 | 307508 | 218863 |
DRC NW 18 | 307509 | 218864 |
DRC NW 19 | 307510 | 218865 |
DRC NW 20 | 307511 | 218866 |
DRC NW 21 | 307512 | 218867 |
DRC NW 22 | 307513 | 218868 |
DRC NW 23 | 307514 | 218869 |
DRC NW 24 | 307515 | 218870 |
DRC NW 25 | 307516 | 218871 |
DRC NW 26 | 307517 | 218872 |
DRC NW 27 | 307518 | 218873 |
DRC NW 28 | 307519 | 218874 |
DRC NW 29 | 307520 | 218875 |
DRC NW 30 | 307521 | 218876 |
DRC NW 31 | 307522 | 218877 |
DRC NW 32 | 307523 | 218878 |
DRC NW 33 | 307524 | 218879 |
DRC NW 34 | 307525 | 218880 |
DRC NW 35 | 307526 | 218881 |
DRC NW 36 | 307527 | 218882 |
DRC NW 37 | 307528 | 218883 |
DRC NW 38 | 307529 | 218884 |
DRC NW 39 | 307530 | 218885 |
DRC NW 40 | 307531 | 218886 |
DRC NW 41 | 307532 | 218887 |
DRC NW 42 | 307533 | 218888 |
DRC NW 43 | 307534 | 218889 |
DRC NW 44 | 307535 | 218890 |
DRC NW 45 | 307536 | 218891 |
DRC NW 46 | 307537 | 218892 |
DRC NW 47 | 307538 | 218893 |
DRC NW 48 | 307539 | 218894 |
EBatt 1 | 307483 | 218896 |
EBatt 2 | 307484 | 218897 |
EBatt 3 | 307485 | 218898 |
EBatt 4 | 307486 | 218899 |
EBatt 5 | 307487 | 218900 |
EBatt 6 | 307488 | 218901 |
EBatt 7 | 307489 | 218902 |
EBatt 8 | 307490 | 218903 |
OMM-1 | 307478 | 218905 |
OMM-2 | 307479 | 218906 |
OMN-2 | 307481 | 218908 |
OMN-3 | 307482 | 218909 |
BTG-1 | 307471 | 218910 |
BTG-2 | 307472 | 218911 |
BTG-3 | 307473 | 218912 |
BTG-4 | 307474 | 218913 |
BTG-5 | 307475 | 218914 |
BTG-6 | 307476 | 218915 |
NFX 17 | 307230 | 218685 |
NFX 18 | 307231 | 218686 |
NFX 19 | 307232 | 218687 |
NFX 20 | 307233 | 218688 |
NFX 21 | 307234 | 218689 |
NFX 22 | 307235 | 218690 |
NFX 23 | 307236 | 218691 |
NFX 24 | 307237 | 218692 |
NFX 25 | 307238 | 218693 |
NFX 30 | 307243 | 218698 |
NFX 31 | 307244 | 218699 |
NFX 32 | 307245 | 218700 |
NFX 33 | 307246 | 218701 |
NFX 34 | 307247 | 218702 |
NFX 35 | 307248 | 218703 |
NFX 36 | 307249 | 218704 |
NFX 37 | 307250 | 218705 |
NFX 38 | 307251 | 218706 |
NFX 42 | 307255 | 218710 |
NFX 43 | 307256 | 218711 |
NFX 44 | 307257 | 218712 |
NFX 45 | 307258 | 218713 |
NFX 46 | 307259 | 218714 |
NFX 47 | 307260 | 218715 |
NFX 48 | 307261 | 218716 |
NFX 49 | 307262 | 218717 |
NFX 50 | 307263 | 218718 |
NFX 56 | 307269 | 218724 |
NFX 57 | 307270 | 218725 |
NFX 58 | 307271 | 218726 |
NFX 59 | 307272 | 218727 |
NFX 60 Amended | 307558 | 218728 |
NFX 61 | 307274 | 218729 |
NFX 62 | 307275 | 218730 |
NFX 63 | 307276 | 218731 |
NFX 64 | 307277 | 218732 |
OMN-1 revised | 315879 | 228322 |
Mining explorationentity or oil and gas exploration entity
quarterly cash flow report
Jervois Global Limited | ||
52 007 626 575 | 30 September 2022 |
Current quarter | Year to date (9 months)
| ||
1. | Cash flows from operating activities | 83,776 | 277,884 |
1.1 | Receipts from customers | ||
1.2 | Payments for | - | - |
| |||
| - | - | |
| (96,141) | (310,140) | |
| (1,669) | (4,988) | |
| (1,519) | (4,329) | |
1.3 | Dividends received (see note 3) | - | - |
1.4 | Interest received | 87 | 94 |
1.5 | Interest and other costs of finance paid | (8,160) | (16,789) |
1.6 | Income taxes paid | (1,646) | (5,771) |
1.7 | Government grants and tax incentives | - | - |
1.8 | Other – incl. business development costs and SMP BFScosts | (1,245) | (3,814) |
1.9 | Net cash from / (used in) operating activities | (26,517) | (67,853) |
2. | Cash flows from investing activities | - | - |
2.1 | Payments to acquire or for: | ||
| |||
| - | - | |
| (35,053) | (84,110) | |
| (35) | (85) | |
| - | - | |
| - | - | |
| - | - | |
2.2 | Proceeds from the disposal of: | - | - |
| |||
| - | - | |
| 20 | 1,250 | |
| - | - | |
| 186 | 186 | |
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 | (34,882) | (82,759) |
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 | 57,250 | 156,000 |
3.6 | Repayment of borrowings | - | - |
3.7 | Transaction costs related to loans andborrowings | - | - |
3.8 | Dividends paid | - | - |
3.9 | Other – incl. lease liabilities | (1,100) | (1,318) |
3.10 | Net cash from / (used in) financing activities | 56,150 | 154,056 |
4. | Net increase / (decrease) in cash and cash equivalentsfor the period | ||
4.1 | Cash and cash equivalents at beginning of period | 57,560 | 49,181 |
4.2 | Net cash from / (used in) operating activities(item 1.9 above) | (26,517) | (67,853) |
4.3 | Net cash from / (used in) investing activities(item 2.6 above) | (34,882) | (82,759) |
4.4 | Net cash from / (used in) financing activities(item 3.10 above) | 56,150 | 154,056 |
4.5 | Effect of movement in exchange rates on cashheld | 8 | (306) |
4.6 | Cash and cash equivalents at end of period | 52,319 | 52,319 |
8. |
| |
8.1 | Net cash from / (used in) operating activities(item 1.9) | (26,517) |
8.2 | (Payments for exploration &evaluation classified as investing activities) (item 2.1(d)) | (35) |
8.3 | Total relevant outgoings (item 8.1 + item 8.2) | (26,552) |
8.4 | Cash and cash equivalents at quarter end(item 4.6) | 52,319 |
8.5 | Unused finance facilities available at quarter end(item 7.5) | 50,000 |
8.6 | Total available funding (item 8.4 + item 8.5) | 102,319 |
8.7 | Estimated quarters of funding available (item 8.6divided by item 8.3) | 3.85 |
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: 21 October 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 thisreport. If this quarterly cash flow report has been prepared inaccordance with other accounting standards agreed by ASX pursuant toListing Rule 19.11A, the corresponding equivalent standards apply tothis 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 theaggregate of amounts drawn under the US$150 million working capitalfacility and amounts drawn from Escrow Account under the terms of theUS$100 million Senior Secured Bonds. Amounts represent the nominalloan amounts; balances recorded in the Company’s financialstatements under International Financial Reporting Standards willdiffer.
2 Information on the basis of preparation for the financialinformation included in this Quarterly Activities report is set out onpage 13 below.
3 See basis of preparationof financial information on p13.
4 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.
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