(TheNewswire)
Jervois QuarterlyActivities Report to 31 March 2022
Jervois Global Limited ACN: 007 626 575 ASX/TSXV: JRV OTCQX: JRVMF Corporate Information: 1,519.8M Ordinary Shares 94.9M Options 3.6M 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
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Jervois Finland
Sales and Marketing
Li-ion battery demand continues to lead the cobaltmarket, with demand steady but robust in other applications. Jervoisachieved Q1 2022 revenue of US$105.1 million (an increase of +9%versus the prior quarter, Q4 2021), generated via quarterly cobaltsales volume of 1,446 metric tonnes.
Production during the quarter was 1,275 metric tonnes,reflecting challenging conditions for supplier logistics, includingglobal shipping markets. These factors affected Q1 production ratesat Jervois’ facilities. Jervois is focused on working with its keysuppliers to ensure adequate cobalt hydroxide raw material sourced byJervois is made available to the Umicore refinery.
Jervois continues to prudently manage its balance sheetand drew down an additional US$17.5 million in the quarter to fundJervois Finland’s working capital requirements and to maintainfinancial flexibility. Volatility and uncertainty in globalcommodity markets has increased following Russia’s invasion ofUkraine.
Jervois’ outlook for key market segments issummarised below.
Chemicals, Catalysts and Ceramics
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-Robust demand in key copper electrowinning( EW ”), coatings andrubber adhesion applications. Premiums remain stable in westernmarkets. Lower premiums in Asia
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-Cobalt consumption in hydro-desulphurisation( HDS ”) applicationsstable at historically lower levels. The rising oil price mayincrease the catalyst changeout frequency going forward
-Increased energy (gas) costs and supply chaindisruptions of a key ceramic raw material out of the Ukraine, areaffecting operations at ceramic tile producers, particularly inEurope. This situation is having a negative knock-on effect atceramic ink manufacturers
Powder Metallurgy
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-Outlook for 2022 stable, with the primary uncertaintysurrounded by automotive and the situation in Ukraine:
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-Aerospace continues to strengthen
-All other markets remain strong, as energy (oil gas)continues to strengthen due to solid demand and higher prices
-Automotive remains unclear; however, as semiconductoravailability improves, the auto build rate will also increase
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Batteries
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-Li-ion battery demand (electric vehicles ( EVs ”) and electronics) continues tomeet or exceed forecasts
-Global electric vehicle production strong, buthampered by the lack of semiconductors
-NMC cathode chemistry remains the cathode chemistry ofchoice for longer range vehicles. Cobalt consumption remains strongwith demand for both sulphate and metal keeping Fastmarkets MB SGprice close to US$40.00/lb
Financial Performance 2
Jervois Finland Q1 2022 revenue of US$105.1 millionrepresented an increase of +9% over the prior quarter. Significantly, the Q1 2022 adjusted EBITDA of US$14.9 million wasnearly a four-fold increase over the prior quarter, demonstrating therobust nature of the business once higher cobalt prices begin to berealised.
Figure 1: Jervois Finland Financial Metrics and MarketPrice Indicators
Revenue performance was supported by strengtheningcobalt prices, with Q1 2022 representing the fourth successive quarterof revenue growth. Adjusted EBITDA performance in the quarter wasunderpinned by lower realised feed costs, that were favourablyimpacted by a net draw down of cobalt feedinventories in a rising price environment. This was partially offsetby transitional factors associated with the increase in cobalt pricesduring the quarter. This includes both a lag in cobalt prices flowingthrough revenue, and effects of mark-to-market accounting on cobaltpurchases.
A key focus for the business is addressing emergingheadwinds. While the direct impacts to the business resulting fromthe Russian invasion of Ukraine has been limited and is isolated tocertain consumables, indirect impacts are intensifying with reducedreliability in supply chains and cost pressures emerging. Managingthese risks and containing inflationary impacts is a key objective forthe remainder of the year.
2022 EBITDA Guidance
EBITDA guidance for full year 2022 is unchanged atUS$50.0 to US$55.0 Million (Table 1).
Table 1: Updated 2022 EBITDA guidance for JervoisFinland
2022 Guidance | |
Q2-Q4 Cobalt price (Metal Bulletin Fastmarkets SG) –US$/lb | US$39.75/lb |
2022 sales volumes guidance – Tonnes | 5,750 to 6,000 |
2022 EBITDA guidance – US (unchanged) | US$50.0 - 55.0M |
Key factors that underpin the guidance update are asfollows:
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-Guidance based on actual cobalt price (Metal BulletinFastmarkets Standard Grade) of US$35.70/lb for Q1 2022, andUS$39.75/lb spot price for Q2 to Q4 2022
-Price volatility in Q1 2022 moderates flow throughbenefit of price increase to EBITDA (revenue lag and mark-to-marketimpacts)
-Lower sales volume guidance reflects logistical andsupply chain interruptions – managing these risks will remain keyfocus for remainder of the year
-Guidance assumes constant prices for Q2 to Q4 2022 –price volatility in the period will impact actual EBITDAoutcome
Idaho Cobalt Operations (“ICO”), United States
ICO is a key asset in delivering Jervois’ strategy tobecome a leading independent cobalt and nickel company providingmetals and minerals for the world’s energy transition through aWestern supply chain. With commissioning expected in Q3 2022, ICOwill be the United States’ only primary domestic mine supply ofcobalt, a critical mineral used in applications across industry,defence, energy, and EVs.
Following a cost and schedule review for ICO inDecember 2021, which led to a revised capital estimate ofUS$ 99.1 million, Jervoiscontinued to progress construction of the project. In February, theCompany announced it had completed the first of two US$50 milliondrawdowns of its US$100 million bond offering proceeds from the escrowaccount (the “ Bonds ”)as contemplated by the terms of the Bonds, as detailed in theCorporate section of this report.
Surface construction continued during the quarter withadvancement on mill foundations, the completion of the structuralsteel for the concentrator building, completion of the crushed ore binand commencement of the camp construction with the first sleeper unitsof the camp installed. Mine development by regional contractor SmallMine Development continued during the quarter, with the completion ofthe explosives magazines and initial underground drill bays as well asthe first ore access development, the start of the undergroundmaintenance infrastructure and the main access decline. During thequarter, approximately 50,000 short tons were moved from the mine tothe tailings and waste storage facility.
At end March, Jervois had committed US$74.6 million ofthe total capital expenditure budget. Capital expenditure in Q1 2022was US$19.6 million, and construction remains on budget and schedule. First concentrate production at ICO is anticipated for Q3 2022 andJervois expects to reach sustainable commercial production in December2022.
Drilling at ICO
In January, Jervois announced its Board had approved aninitial infill programme at ICO to commence in Q1 2022. Jervoiscommitted US$1.2 million to complete approximately 5,800 metres ofunderground drilling at its RAM deposit within ICO. The infilldrilling campaign across 2022 will reduce drill hole spacing in theunderground resource ahead of first production and is underway.
During the quarter, approximately 300 metres (1,000feet) of initial drilling was completed.
In addition, Jervois’ team at ICO is planning aresource expansion drill programme from surface between April toNovember 2022, when site conditions allow.
ICO’s RAM deposit remains open at depth, and Jervoishas confidence that there exists a strong potential of resource andreserve expansion. Further details on this additional programme willbe advised once finalised and approved. Expansion of the resource isimportant if ICO is to operate for longer than its initial mine life,or at higher production rates than contained in the ICO BankableFeasibility Study (“ BFS ”).
São Miguel Paulista (“SMP”) nickel and cobaltrefinery, Brazil
Jervois’ BFS for the SMP Nickeland Cobalt refinery was announced on 29 April2022, with the following highlights:
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-SMP restart based on MHP and cobalt hydroxide.
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-Initial Stage 1 forecast production of10,000mtpa 3 and 2,000mtpa ofrefined nickel and cobalt metal cathode respectively. Stage 2 BFSregarding a return to full 25,000mtpa refined nickel productioncapacity expected to be finalized in the second half of 2022.
-Net Present Value (“NPV”) for Stage 1 restart ofUS$228 million and US$141 million at an 8% (real) discount rate on apre-tax and post-tax basis respectively; nominal Internal Rate ofReturn (“IRR”) of 47% (pre tax) and 35% (post tax).
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-At US$8.00/lb nickel and US$25.00/lb cobalt, post rampup of Stage 1 to BFS production rates, average annual EBITDA in realterms projected to be over US$30 million. Refinery economicsresilient to a range of market scenarios, including current spotmarket conditions for refined and intermediate products.
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-Total project capital cost of US$55 million,representing a competitive refurbishment of an existing brownfieldnickel and cobalt refinery. SMP has a long operating history, mostrecently placed into care and maintenance managed by current ownerCompanhia Brasil de Alumino (“ CBA ”).
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-Restarting the only electrolytic nickel-cobaltrefinery in South and Latin America will deliver significant local andregional economic and social benefits to the São Miguel Paulista areaof São Paulo city, Brazil.
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-SMP benefits from competitive low carbon energy(predominantly hydropower), skilled workforce, existing infrastructureincluding main arterial roads and ~120km from Brazil’s largestcontainer port at Santos.
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-Jervois is advancing discussions on commercial supplycontracts of MHP and cobalt hydroxide to underpin SMP restart.
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-Work continues on design of an autoclave to processcobalt concentrates from Jervois’s 100%-owned ICO; once available,this will be incorporated into the Stage 1 BFS. Stage 2 BFS takingrefined nickel output back to the previous 25,000mtpa capacity ontrack for completion in the second half of 2022.
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-Execution planning has commenced and a finalinvestment decision for Stage 1 is anticipated to occur in parallel toclosing of the SMP acquisition. Jervois continues to advanceoperating permit renewal process with the São Paulo City Hall, acondition precedent to closing, before 31 August 2022.
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-First commercial production from SMP’s Stage 1restart is expected during 2023.
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 mixed hydroxide precipitate or refiningthrough to battery grade nickel sulphate and cobalt in refinedsulphide.
Jervois’ Board has approved recommencement ofdrilling at Nico Young, with an initial focus on converting inferredresources into the indicated category. Planning activities advancedduring the quarter in relation to land access, stakeholder engagementand selection of drilling contractors.
Corporate Activities
Environmental, Social, Governance (“ ESG ”) and Compliance
Substantial progress was made in the quarter throughdisclosure of Jervois’ inaugural 2021 SustainabilityReport . The report outlines Jervois’ ESGperformance gauged against key sustainability targets and progresstowards translating sustainability commitmentsinto action.
Also, within the quarter, the Board approved adoptionof a new Human Rights Policy and Jervois issued its first ModernSlavery Statement. Both strongly reaffirm ourcommitment to respect human rights, including those concerning labourrights, indigenous rights and women’s rights and the range of otherrights and freedoms enshrined in the Universal Declaration of HumanRights and ILO Core Conventions.
Coordination on these reports between technical leadsin Finland, the United States and Brazil further reinforced efforts toharmonise ESG policies and procedures across the organisation. Amongareas of progress, with respect to ISO 14001 and 45001 certifications,ICO began to assess related requirements andtimelines and made significant process in stakeholder mapping. Headway was also made on engagements to support communityagreements. SMP similarly initiated astructured stakeholder mapping process to inform its engagement andcommunity investment strategies.
Health and safety continued to be at the forefront atall operations. While Jervois Finland continued to implement itswell developed OHS systems as operations continue, ICO is advancing construction rapidly, requiring exceptionalleadership and diligence to ensure that all contractors and a growingnumber of employees strictly adhere to our high OHS standards.
Substantial efforts were taken in the quarter to bothbolster foundational procedures and expand leading actions.
On other fronts, progress in advancing internal climatestrategies was most pronounced at Jervois Finland through operationalplanning and actions related to energy, waste and water consumptionand related R&D efforts. ICO’s collaboration with the IdahoConservation League (“ ICL ”) under the “Upper Salmon Conservation Action Program”(“ USCAP ”) continuedwith the second call for proposals launched in the quarter, results ofwhich will be announced in May 2022.
In conjunction with the Company’s broader approach toESG, Jervois continues its involvement in various initiatives andassociations, including the Cobalt Institute’s Responsible Sourcingand Sustainability Committee (“ RESSCOM ). Jervois continues to be anactive member of the United States Zero Emission TransportationAssociation (“ ZETA ”),of which the Company is a founding member alongside industry leaderssuch as Tesla, Albemarle and Livent. Jervois additionally hadrepresentation in workshops reviewing the GlobalBattery Alliance (“ GBA ”) carbon footprint calculationsrulebook .
Liquidity
Jervois ended the March 2022 quarter with US$88.2million in cash (excluding restricted cash associated with the US$100 million ICOBonds).
In February 2022, Jervois completed the first of twodrawdowns, utilising US$50 million from its US$100 million bondoffering proceeds from its escrow account, as contemplated by theterms of the Bonds.
First drawdown on the Bonds followed RPM Global’sJanuary 2022 site visit in its capacity as Independent Engineer onbehalf of the Bondholders, and submission to the Bonds trustee of anaffirmed cost to complete test, confirming Jervois’ ICO developmentproject is expected to be fully funded to completion.
Jervois is using these funds exclusively for ongoingconstruction of ICO.
In March 2022, the Company's wholly owned subsidiary, Jervois Finland,drew down an additional US$17.5 million under the US$75.0 millionMercuria secured revolving credit facility, with the funds received on14 March 2022. The facility was thus fully drawn at quarter close,consistent with rising cobalt prices.
Jervois Index Inclusion
Jervois entered the FTSE All-World Index on 18 March2022 and the S&P/ASX 300 on 22 March 2022.
The FTSE All-World Index is a market-capitalisationweighted index representing the performance of the large and mid-capstocks from the FTSE Global Equity Index Series (“ GEIS ”), which covers approximately95% of the world’s investable public market capitalisation. Theindex covers both Developed and Emerging markets and is suitable asthe basis for investment products, such as funds, derivatives, andexchange-traded funds. Leading constituents include Apple, Microsoft,Alphabet, Meta Platforms and Amazon.
The ASX 300 Index measures performance of the largest300 companies publicly listed on the Australian Securities Exchange,or ASX.
Jervois Annual Reporting
In March, Jervois released its 2021 Annual Report, aswell as its Sustainability Report, Corporate Governance Statement,Modern Slavery Statement, Human Rights Policy, Code of Ethics andBusiness Conduct, Supplier Standard and Appendix 4G. These documentscan be found on its website at https://jervoisglobal.com/investors/asx-announcements/
Jervois Annual General Meeting date
Jervois advised its Annual General Meeting will be onFriday 6 May 2022 at 9.00am (AEST), to be conducted in person andonline for interested shareholders unable to attend.
Jervois released a Notice of Meeting for its AGM to theASX on 4 April 2022, along with proxy forms and a Canadian VotingInstruction Form.
Investor Relations
During the quarter, Chief Executive Officer Mr. BryceCrocker and Chief Financial Officer Mr. James May participated inHollywood, Florida, United States at the BMO Capital Markets31 st Global Metals &Mining Conference, with the Company both presenting and holding 1:1investor meetings.
Mr. May also delivered an online investor presentationon 30 March 2022 as part of a Virtual Conference coordinated by NWRCommunications.
After the quarter end, Mr. Crocker participated in theClarksons Platou Securities Battery Minerals Panel, on 27 April 2022,and provided a Company presentation.
Jervois Mining USA Limited Bond Listing
In April 2022, pursuant to the terms of the Bonds, theBonds were listed on the Nordic ABM, a list of registered bondsoperated by Oslo Børs ASA.
Exploration and Development Expenditure
No material cash expenditure on exploration anddevelopment was incurred during the quarter. Activities at ICO arenow classified as Assets Under Construction and incurred cashexpenditure of US$19.6 million in the quarter.
Brazilian development cash expenditure totalled R$6.6million (A$1.7 million) during the quarter, as the SMP Stage 1 BFS wasfinalised for publication, and testwork advanced associated with anautoclave to increase operating flexibility.
Insider Compensation Reporting
During the quarter, A$0.1 million was paid toNon-Executive Directors and A$0.3 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 31 March 2022, the following Jervois shares wereissued in the quarter on exercise of eCobalt options and the followingeCobalt options remain outstanding:
Jervois shares issued in the quarter on exercise ofeCobalt options: | Nil |
eCobalt options remaining* | |
1,344,750 1,179,750 1,980,000 | eCobalt options exercisable until 28 June 2022 atC$0.71 each eCobalt options exercisable until 28 June 2023 atC$0.61 each eCobalt options exercisable until 1 October 2023 atC$0.53 each |
4,504,500 |
* The number of options represent the number ofJervois shares that will be issued on exercise. The exercise pricerepresents the price to be paid for the Jervois shares whenissued.
By Order of the Board
Bryce Crocker
Chief Executive Officer
For further information, please contact:
Investors and analysts: James May Chief Financial Officer Jervois G lobal Limited | Media: Nathan Ryan NWR Communications nathan.ryan@nwrcommunications.com.au Mob: +61 420 582 887 |
BASIS OF PREPARATION OF FINANCIAL INFORMATION
Historical financial information for Jervois Finlandprior to acquisition by Jervois Global Limited on 1 September 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 on 1 September 2021is presented on a proforma basis for illustrative purposesonly.
Financial information presented for periods afteracquisition on 1 September 2021 is prepared under Jervois group accounting policies, which conform with Australian Accounting Standards (“ AASBs ”) and International FinancialReporting Standards (“ IFRS ”). The Jervois Finland financialresults for the period post-acquisition are consolidated into theJervois Global consolidated financial statements. Informationpresented is unaudited.
EBITDA for historical periods is presented as netincome after adding back tax, interest, depreciation and extraordinaryitems and is a non-IFRS/non-GAAP measure.
The Jervois Finland 2022 guidance consists of actualresults for January to March and forecast results for April toDecember. The forecast period includes an assumption of a forecastquoted cobalt price of US$39.75/lb. Other forecast assumptions,including production, sales plans, costs and exchange rates are basedon Jervois’ internal estimates.
Adjusted EBITDA represents EBITDA attributable toJervois, adjusted to exclude items which do not reflect the underlyingperformance of the company’s operations. Exclusions from adjustedEBITDA are items that require exclusion in order to maximise insightand consistency on the financial performance of the company’soperations. Exclusions include gains/losses ondisposals, impairment charges (or reversals), certain derivativeitems, and one-off costs related post-acquisition integration. Areconciliation of EBITDA to Adjusted EBITDA for Jervois Finland isincluded in the Investor Presentation dated 29 April 2022.
Forward-Looking Statements
This news release may contain certain“Forward-Looking Statements” within the meaning of the UnitedStates Private Securities Litigation Reform Act of 1995 and applicableCanadian securities laws. When used in this news release, the words“anticipate”, “believe”, “estimate”, “expect”,“target, “plan”, “forecast”, “may”, “schedule” andother similar words or expressions identify forward-looking statementsor information. These forward-looking statements or information mayrelate to future EBITDA for the group, operations at Jervois Finland,construction work to be undertaken at ICO, timing of production atICO, certain production timing, capital costs, operating costs,production processes and other assumptions contained in the studies onthe SMP refinery, closing of the acquisition of SMP refinery,utilisation of the working capital facility, utilisation of the ICOBond, the reliability of third party information, and certain otherfactors or information. Such statements represent the Company’scurrent views with respect to future events and are necessarily basedupon a number of assumptions and estimates that, while consideredreasonable by the Company, are inherently subject to significantbusiness, economic, competitive, political and social risks,contingencies and uncertainties. Many factors, both known and unknown,could cause results, performance or achievements to be materiallydifferent from the results, performance or achievements that are ormay be expressed or implied by such forward-looking statements. TheCompany does not intend, and does not assume any obligation, to updatethese forward-looking statements or information to reflect changes inassumptions or changes in circumstances or any other events affectionssuch statements and information other than as required by applicablelaws, rules and regulations.
Neither TSX Venture Exchange nor its RegulationServices Provider (as that term is defined in policies of the TSXVenture Exchange) accepts responsibility for the adequacy or accuracyof this release.
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 |
Australian Tenements
Description | Tenement number | Interest owned % | |
Ardnaree (NSW) | EL 5527 | 100.0 | |
Thuddungra (NSW) | EL 5571 | 100.0 | |
Nico Young (NSW) | EL 8698 | 100.0 | |
Ardnaree Magnesite (NSW) | EL 8763 | 100.0 | |
West Arunta (WA) | E80 4820 | 20.0 | |
West Arunta (WA) | E80 4986 | 20.0 | |
West Arunta (WA) | E80 4987 | 20.0 | |
Uganda Exploration Licences
Description | Exploration Licence number | Interest owned % | |
Bujagali | EL1666 | 100.0 | |
Bujagali | EL1682 | 100.0 | |
Bujagali | EL1683 | 100.0 | |
Bujagali | EL1665 | 100.0 | |
Kilembe Area | EL1674 | 100.0 | |
Kilembe Area | EL0012 | 100.0 |
Mining explorationentity or oil and gas exploration entity
quarterly cash flow report
Jervois Global Limited | ||
52 007 626 575 | 31 March 2022 |
Current quarter | Year to date (3 months)
| ||
1. | Cash flows from operating activities | 132,357 | 132,357 |
1.1 | Receipts from customers | ||
1.2 | Payments for | - | - |
| |||
| - | - | |
| (128,957) | (128,957) | |
| (3,311) | (3,311) | |
| (1,548) | (1,548) | |
1.3 | Dividends received (see note 3) | - | - |
1.4 | Interest received | - | - |
1.5 | Interest and other costs of finance paid | (10,081) | (10,081) |
1.6 | Income taxes paid | (4,953) | (4,953) |
1.7 | Government grants and tax incentives | - | - |
1.8 | Other – incl. business development costs and SMP BFScosts | (1,739) | (1,739) |
1.9 | Net cash from / (used in) operating activities | (18,232) | (18,232) |
2. | Cash flows from investing activities | - | - |
2.1 | Payments to acquire or for: | ||
| |||
| - | - | |
| (28,928) | (28,928) | |
| (11) | (11) | |
| - | - | |
| - | - | |
| - | - | |
2.2 | Proceeds from the disposal of: | - | - |
| |||
| - | - | |
| - | - | |
| - | - | |
| - | - | |
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 | (28,939) | (28,939) |
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 | 304 | 304 |
3.4 | Transaction costs related to issues of equitysecurities or convertible debt securities | (1,164) | (1,164) |
3.5 | Proceeds from borrowings | 101,858 | 101,858 |
3.6 | Repayment of borrowings | - | - |
3.7 | Transaction costs related to loans andborrowings | - | - |
3.8 | Dividends paid | - | - |
3.9 | Other | - | - |
3.10 | Net cash from / (used in) financing activities | 100,998 | 100,998 |
4. | Net increase / (decrease) in cash and cash equivalentsfor the period | ||
4.1 | Cash and cash equivalents at beginning of period | 67,730 | 67,730 |
4.2 | Net cash from / (used in) operating activities(item 1.9 above) | (18,232) | (18,232) |
4.3 | Net cash from / (used in) investing activities(item 2.6 above) | (28,939) | (28,939) |
4.4 | Net cash from / (used in) financing activities(item 3.10 above) | 100,998 | 100,998 |
4.5 | Effect of movement in exchange rates on cashheld | (3,795) | (3,795) |
4.6 | Cash and cash equivalents at end of period | 117,762 | 117,762 |
8. |
| |
8.1 | Net cash from / (used in) operating activities(item 1.9) | (18,232) |
8.2 | (Payments for exploration &evaluation classified as investing activities) (item 2.1(d)) | (11) |
8.3 | Total relevant outgoings (item 8.1 + item 8.2) | (18,243) |
8.4 | Cash and cash equivalents at quarter end(item 4.6) | 117,762 |
8.5 | Unused finance facilities available at quarter end(item 7.5) | 66,743 |
8.6 | Total available funding (item 8.4 + item 8.5) | 184,505 |
8.7 | Estimated quarters of funding available (item 8.6divided by item 8.3) | 10.11 |
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: 29 April 2022
Authorised by: Disclosure Committee
(Name of body or officer authorising release – seenote 4)
1. This quarterly cash flow report and theaccompanying activity report provide a basis for informing the marketabout the entity’s activities for the past quarter, how they havebeen financed and the effect this has had on its cash position. Anentity that wishes to disclose additional information over and abovethe minimum required under the Listing Rules is encouraged to doso.
2. If this quarterly cash flow report hasbeen prepared in accordance with Australian Accounting Standards, thedefinitions in, and provisions of, AASB 6:Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash Flows apply to this report. Ifthis quarterly cash flow report has been prepared in accordance withother accounting standards agreed by ASX pursuant to ListingRule 19.11A, the corresponding equivalent standards apply to thisreport.
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 Represents aggregate ofamounts drawn under US$75M working capital facility and amounts drawndown from Escrow Account under terms of US$100M Senior Secured Bonds.Amounts represent the nominal loan amounts; balances recorded in theCompany’s financial statements under International FinancialReporting Standards will differ.
2 Information on the basis of preparation for the financialinformation included in this Quarterly Activities report is set out onpage 12 below.
3 Metric tonnes perannum.
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