Jervois Global Limited (Administrators Appointed)

(TheNewswire)

KPMG appointed as VoluntaryAdministrators

12 March 2025 – TheNewswire – Jervois Global Limited (TSX-V: JRV) (ASX: JRV) (OTC: JRVMF)announces:
On 12 March 2025 David Hardy and Gayle Dickersonof KPMG were appointed as joint and several voluntary administrators(“ Administrators ”) of Jervois Global Limited (Administrators Appointed)(“ Jervois ” or the “ Company ”) and certain subsidiaries listed inthe below schedule (together, “ the Companies ”).

The Companies and their various subsidiaries (together,“the Group”) are a leading global supplier of advancedmanufactured cobalt products. The Group’s principal asset base iscomprised of an operating cobalt facility in Finland, anon-operational cobalt mine in the United States (“ U.S. ”) and anon-operating nickel-cobalt refinery in Brazil.

The appointment followed the entry of an order by theU.S. Bankruptcy Court for the Southern District of Texas (the“ ConfirmationOrder ”) on 6 March 2025 (Houston time)approving the chapter 11 plan of reorganisation of Jervois Texas, LLCand certain debtor subsidiaries (the “ Debtor Subsidiaries ”) (the “ Chapter11 Plan ”). On 28 January 2025 (AEDT), JervoisTexas, LLC and the Debtor Subsidiaries commenced chapter 11 cases (the“ Chapter 11Cases ”) by filing voluntary petitions forrelief under the U.S. Bankruptcy Code.

This appointment was anticipated as the next step ofthe restructuring support agreement agreed with the Company’slender, Millstreet Capital Management LLC (“ Millstreet ”) anddetailed in the Chapter 11 Plan (as approved by the ConfirmationOrder). TheChapter 11 Plan includes that Millstreet plans to submit a Deed ofCompany Arrangement (“ DOCA ”) proposal to the Administrators inrespect of the Companies .

KPMG Australia’s Turnaround and RestructuringServices Partner, Ian Sutherland, said “The immediate focus of theAdministrators is ensuring continuity of the underlying operations ofthe Companies. The Companies intend to operate on a business-as-usualbasis and do not envisage any changes to the various operations of theCompanies.”

For clarity, there are other subsidiaries of theCompany (in particular related to operations in Finland, Brazil andthe U.S.) which are not subject to the appointment of voluntaryadministrators. The operations of these other subsidiaries areexpected to continue in the normal course and vendors, suppliers,customers and employees of these companies remain unaffected by theappointment of the Administrators in Australia over the Companies.

Interested parties

Any interested party wishing to submit a sale orrecapitalisation proposal in respect of the Companies should contactthe Administrators at jervoisgroup@kpmg.com.au.

The Administrators further invite expressions ofinterest in respect of the Companies’ mining tenements related tothe Nico Young nickel-cobalt project in Young, New South Wales,Australia to be submitted by 5:00pm AEDT on 19March 2025. These tenements were not impactedby the Chapter 11 Cases.

First statutory meeting ofcreditors

A first statutory meeting of creditors of the Companywill take place on 24 March 2025 at 10:00am AEDT. A meeting noticesetting out the time and location for the first meeting of creditorswill be distributed to the Company’s creditors in advance of themeeting.

Annual General Meeting and financialreporting

The Company gives notice of intention to relyupon:

• section 6A of ASIC Corporations(Externally-Administered Bodies) Instrument 2015/251 ( Instrument ) madeunder sections 250PAA, 341, 341A, 601QA, 926A, 951B, 992B and 1217 ofthe Corporations Act 2001 ( theAct ) for relief from holding an annual generalmeeting during the deferral period; and

• section 8 of the Instrument to defer relevant financialreporting obligations under Part 2M.3 of the Act.

Notices to convene an extraordinarygeneral meeting

The Administrators are aware of the directors of theCompany having received notices under section 249D of the Act,purporting to direct the directors to convene an extraordinary generalmeeting of the Company. Pursuant to section 198G of the Act, theCompany’s directors’ powers are suspended, and do not have powerto convene a general meeting. The Administratorsdo not propose to convene a general meeting of the Company and willproceed to discharge their statutory duties in accordance with theAct.

Further information

As previously advised, during this process, Jervoisshares are suspended from trading on the TSX-V, the ASX and US OTCmarket.

Further information can be found at https://kpmg.com/au/en/home/creditors/jervois-group.html .

For all further enquiries regarding the VoluntaryAdministration, please contact at jervoisgroup@kpmg.com.au .

Schedule of companies under VoluntaryAdministration

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