Jervois Mining Quarterly Activities Report to 31 December 2020

(TheNewswire)



TheNewswire - 28 January 2021 - Jervois Mining Limited ("Jervois" or the "Company") ACN: 007 626 575 ASX (TSXV:JRV) ( OTCQB:JRVMF)

Jervois Mining Limited ("Jervois" or the "Company")

ACN: 007 626 575

ASX/TSXV: JRV

OTCQB: JRVMF

Corporate Information:

802.1M Ordinary Shares

96.5M Options

Non-Executive Chairman

Peter Johnston

CEO and Executive Director

Bryce Crocker

Non-Executive Directors

Brian Kennedy
Michael Callahan

Company Secretary

Alwyn Davey

Contact Details

Suite 508,

737 Burwood Road
Hawthorn East

Victoria 3122

Australia

P: +61 (3) 9583 0498

E: admin@jervoismining.com.au

W: www.jervoismining.com.au

Highlights

  • Jervois' A$45.0 million equity placement completed

    Jervois is using proceeds for its Idaho Cobalt Operations ("ICO"), United States, long lead item orders, detailed engineering and ongoing site costs; and activities relating to its announced agreement to acquire Miguel Paulista ("SMP") nickel-cobalt refinery, São Paulo, Brazil

    Jervois paid the non-refundable deposit of R$15 million (or A$3.9 million) which applies on closing as the first tranche of the R$125 million cash consideration for acquisition of SMP refinery

    Jervois appointed M3 Engineering for detailed design and early site works at ICO; Metso Outotec SAG mill ordered

    At SMP Refinery, decision taken to integrate Pressure Oxidation ("POX") leach circuit

    Jervois appointed additional key management as it drives development of ICO and SMP:

    • Greg Young appointed Executive General Manager ("EGM") – Commercial

      Wayde Yeoman and Klaus Wollhaf both appointed to Group Manager – Commercial, working with Greg Young

      James May appointed Chief Financial Officer / EGM Finance

      Craig Morrison appointed as Group Financial Controller

      Valdecir Botassini appointed as SMP Project Director

    Jervois became a founding member of the Zero Emission Transportation Association ("ZETA") in the US

    ZETA is advocating for 100% electric vehicle sales in the US by 2030, with cobalt an important component in EV batteries

    Jervois ends December 2020 quarter with A$42.3 million cash

CORPORATE UPDATE

Liquidity

Jervois ended the December 2020 quarter with A$42.3 million in cash and at year end had a loan from the US government outstanding for A$0.1 million relating to Covid-19 stimulus payroll protection, for which forgiveness requirements have already been met.  Cash during the period increased significantly due to announcement of an A$45.0 million equity raise on 20 October 2020 and completion during the quarter on receipt of required shareholder approvals.

During the quarter, Jervois paid the non-refundable deposit of R$15 million (A$3.9 million) which will apply as the first cash tranche on closing of the announced acquisition of the São Miguel Paulista refinery (" SMP Refinery ") in São Paulo, Brazil.  R$125 million in cash will be payable on closing and following to Companhia Brasileira de Alumínio (" CBA "), a 100%-owned subsidiary of Votorantim SA, in tranches based on satisfaction of certain condition precedents, expiration or waiver of termination rights held by Jervois, and achievement of production thresholds associated with a restart of the SMP Refinery, with an outside date of June 2023.

Expenditure on exploration and development for the quarter was A$0.5 million in Uganda.  Activities at Idaho Cobalt Operations (" ICO ") are now classified as Assets Under Construction and incurred expenditure of A$1.0 million in the quarter.

Placement

On 20 October, Jervois announced it had successfully closed a A$45.0 million equity raising, prior to issuance costs (the " Placement ").  147,540,985 new ordinary shares were issued in the Placement at a price of A$0.305 per share.

The Placement first tranche, totalling A$39.2 million (less costs), was received by Jervois as announced on 28 October 2020.

Tranche 2 of the Placement, which was subject to shareholder approval, totalled a further A$5.8 million (less costs).  This issuance was approved by shareholders at the Company's Annual General Meeting (" AGM ") and included Jervois Directors and Senior Management who subscribed for 5,737,705 new ordinary shares, investing A$1.75 million alongside institutions.  This figure was incremental to the A$2.75 million cash invested by Company principals in July 2019, alongside institutional investors in that 2019 equity raise.

Jervois participants in the Placement included:

  • -- Peter Johnston, Non-Executive Chairman (A$0.2 million, 655,738 shares)

  • -- Brian Kennedy, Non-Executive Director (A$0.5 million, 1,639,344 shares)

  • -- Ken Klassen, General Counsel / EGM – Legal (A$0.3 million, 983,607 shares); and

  • -- Greg Young, EGM – Commercial (A$0.75 million, 2,459,016 shares).

Shareholders voted in favour at the AGM on 30 November.  Tranche 2 funds were received on 2 December 2020.

Jervois is using proceeds from the Placement for ICO long lead item orders, detailed engineering and ongoing site costs; and activities relating to the recently announced agreement to acquire the SMP refinery, including the purchase deposit, lease payments from March 2021 and restart feasibility study costs.

Management Appointments

During the quarter, Jervois made key executive appointments as it drives development and construction at ICO in the United States (" US ") and the restart of SMP nickel-cobalt refinery in São Paulo, Brazil.

As reported last quarter, in October, Jervois announced the appointment of one of the world's foremost traders of nickel and cobalt products, Greg Young as EGM – Commercial.

Mr. Young has extensive knowledge of nickel and cobalt including their materials flow, market indices and pricing strategies.  Mr. Young gained this experience during his 25-year tenure at Glencore, which culminated in his appointment as Co-Head of Glencore US, a position he held for over 10 years.  Mr. Young ran Glencore's Stamford office in Connecticut, which housed approximately 50 metals traders and other employees.

Strengthening the commercial function ahead of the planned restart at the SMP refinery, during the quarter Jervois appointed both Wayde Yeoman and Klaus Wollhaf as Group Manager(s) – Commercial, who report to Mr. Young.

Mr. Yeoman has more than 30 years of experience in the global cobalt industry, including Director of Cobalt Sourcing and Marketing at OM Group, Inc. (" OMG "), which at the time owned and operated the largest cobalt refinery in the world, Kokkola in Finland.  Mr. Yeoman was a member of the OMG Cobalt Management team and was also a member of the LME Cobalt Committee and company representative at the Cobalt Institute.  Mr. Yeoman also worked for global cobalt merchants Metal Resources Group and Darton Commodities, where he had responsibility for sales of cobalt metal to major consumers in the United States, and also worked in production, purchasing and sales roles at The Shepherd Chemical Company, one of the largest consumers of cobalt in the United States.

Klaus Wollhaf joins Jervois with more than 30 years of experience in the global mining industry.  Mr. Wollhaf was President of Xstrata Nickel International S.A. responsible for all raw material acquisitions and sales for Xstrata Nickel (now part of Glencore plc) globally encompassing nickel, cobalt, copper and PGM intermediates.  He has extensive experience trading nickel and cobalt intermediate products globally including concentrates, mattes and mixed metal hydroxides and sulphides.  Prior to his commercial roles with Xstrata, Mr. Wollhaf managed ferrochrome smelting operations for Anglovaal Minerals and Assmang in South Africa and smelting and refining operations of copper and zinc for Falconbridge (now part of Glencore) in Canada.

Mr. Wollhaf and Mr. Yeoman's appointments completed Jervois's expansion of its commercial team to optimise SMP's restart with third party volumes.

Jervois announced the appointment of James May as Chief Financial Officer / EGM – Finance in November.  Mr. May joins Jervois from 1 March 2021 with more than 20 years of experience in the global resources industry, after beginning his career with Deloitte in London within its energy and resources division, before joining Rio Tinto in 2006.

Across his 15 years of leadership roles at Rio Tinto, Mr. May spent time in a variety of global positions of increasing seniority, culminating in the role of Interim Vice President – Sales and Marketing, for the Energy and Minerals sales portfolio, based in Singapore.  Mr. May was also previously the CFO of Energy Resources of Australia Limited, an ASX listed uranium miner, majority owned by Rio Tinto.

Mr. May will be supported by new Group Controller, Craig Morrison, who was Group Financial Controller for an Australian agriculture business with revenues approaching A$200 million, and Group Financial Reporting Manager for a NASDAQ-listed LNG midstream infrastructure company with a market capitalization of approximately US$1 billion.

From 1 March 2021, Jess Birtcher will relinquish his position as Acting CFO and pass these responsibilities to Mr. May, which will allow Mr. Birtcher to focus on his ICO Finance Manager role ahead of a restart of construction activities on site in Salmon, Idaho, in Q2 2021.

To support the restart of the SMP Refinery, Valdecir Botassini has been appointed as Project Director to manage the feasibility study for the restart.  Mr. Botassini joins with the experience of a 35-year career at Votorantim Group where he led both its nickel and zinc divisions; he also served as Chief Operating Officer of Votorantim's mines and smelters across Brazil and Peru.  Mr. Botassini's experience spanned operational, technical and commercial roles, including 20 years at SMP Refinery finishing as General Operations Manager, the lead executive position at site.

Insider Compensation Reporting

A$0.04 million in the quarter were paid to Non-Executive Directors.  A$0.22 million was paid to the CEO (Executive Director) during the quarter, which included a payment relating to his 2020 short term incentive plan (" STIP ").

As a consequence of grandfathering arrangements acquired during the M2 Cobalt merger, during the quarter A$0.08 million was paid to related parties outside their salaried Jervois roles for Ugandan exploration management services (Ms Jennifer Hinton and Mr Thomas Lamb, Ugandan Country Head and Ugandan Operations Manager respectively).  The scope of this support included local administration and in-country management, accounting, payroll and treasury services, logistical support and exploration staffing as set out in Item 6 of the Appendix 5B Quarterly Cashflow report.

United States ("US") Government Discussions

ICO will be the only cobalt mine in the US upon forecast commissioning in 2022, with cobalt identified by the government as a strategic mineral of critical importance.  Cobalt is on a list of critical minerals developed by the Department of the Interior in coordination with other US executive branch agencies pursuant to Executive Order 13817, "A Federal Strategy to Ensure Secure and Reliable Supplies of Critical Minerals" (82 FR 60835) with the final list being published in May 2018 (83 FR 23295).

During the quarter, Jervois CEO Bryce Crocker participated in an interview with leading US-based media outlet POLITICO as part of a Global Translation podcast series focused on cobalt, China's strategy to secure raw materials and accelerating efforts within the US to secure critical mineral supply chains.

Mr. Crocker was invited to participate in the three-part podcast alongside US Senator Lisa Murkowski (R-AK), Canadian Ambassador to the United States Kirsten Hillman, Assistant Secretary Department of the Interior Timothy Petty and European Union Vice President Maroš Šefčovič, among others.

The podcast titled "Why Green Energy Means Mining: The Case of Cobalt" is available at: https://jervoismining.com.au/investors/media/

Jervois remains actively engaged with the US Government including President Biden's Administration which has identified electrification of transportation, climate change and domestic ‘Made in America' economic recovery as key policy platforms.  The geopolitical and economic importance of constructing ICO as the US' only cobalt mine, Jervois believes is significant to the US and, as evidenced by, the strong bipartisan support ICO attracts in both Idaho and Washington DC.

Following the recently announced agreement to acquire the SMP nickel-cobalt refinery in São Paulo, Mr. Crocker was based in Brazil for an extended period and is engaged with Brazilian political leadership, and US and Australian Government representatives, regarding the important role the SMP refinery will play in securing critical mineral supply chains.

Jervois joins ZETA

In December, Jervois announced it had become a founding member of the Zero Emission Transportation Association (" ZETA "), in the US.  ZETA is advocating for 100% electric vehicles (" EV ") sales in the US through all categories of vehicles by 2030.  Other founding members include Tesla, Uber, Duke Energy, Rivian, ChargePoint, Lordstown Motor Company and Albemarle.

Jervois elected to participate given the important role of its 100%-owned ICO to support the transition of the US to EV's.  Cobalt is a key component in lithium-ion battery chemistries.  Secure, ethical sources of supply are important characteristics for the procurement chains of battery manufacturers and their customers in the auto industry.

Project Financing Update

Discussions with lenders continue, supported by increasingly robust sentiment pertaining to battery raw materials for EV's, including a rising cobalt price.  Discussions are centering around structuring alternatives for the lenders' security package, which now may include the SMP Refinery.  An integrated financial model is being updated for lenders following Elemental Engineering's work on the SMP Refinery (refer to Project Update section below).  Discussions with lenders also include their due diligence requirements of the SMP Refinery, should this form part of the lenders' security package.

As noted above, US Government engagement continues with the new Administration led by President Biden and Vice President Harris.

Customer and supply arrangements also continue to be advanced by Jervois' commercial team which was hired in Q4 2020.

Investor Relations

Jervois is currently participating in the TD Securities Mining Conference, which is running from 27-29 January 2021.  Jervois Chief Executive Officer Bryce Crocker will also present and meet institutional investors on a 1-1 basis at BMO's 30 th Annual Global Metals and Mining Conference, to be held from 1-5 March 2021.  Both conferences are virtual.

Change of Year End

Jervois' Board has resolved to change the Company's financial year end from 30 June to 31 December in order to align the Australian reporting dates with its overseas operations. This change in financial year was made in accordance with Section 323D(2A) of the Corporations Act 2001 (Cth).  The Board confirms that:

    • The Company's previous financial year ended on 30 June 2020;

      The Company will have a six-month transitional financial year, from 1 July 2020 to 31 December 2020; and

      Thereafter, the Company will revert to a 12-month financial year, from 1 January 2021 and ending on 31 December.

The change in financial year requires the Company to, in respect of the transitional financial year:

  • Lodge a quarterly report (Appendix 5B) with ASX by 31 January 2021;

    Lodge audited financial statements with ASX by 31 March 2021;

    Lodge an annual report with ASX by 30 April 2021; and

    Hold an Annual General Meeting (" AGM ") by 31 May 2021.

Jervois will advise the market in the ordinary course when the date of this upcoming AGM is determined.

Results of the 2020 AGM

At its 2020 AGM held on 30 November, all resolutions put to the meeting passed by poll of shareholders present in-person and by proxy.  The reesolutions were as follows:

  1. 1. Adoption of the Remuneration Report

  2. 2. Re-election of a Director - Mr Brian Kennedy

  3. 3. Re-election of a Director - Mr Peter Johnston

  4. 4. Re-election of a Director - Mr Michael Callahan

  5. 5. Additional Placement Capacity (Special)

  6. 6. Approval of Stock Option Plan

  7. 7. Approval to issue Options to Brian Kennedy

  8. 8. Approval to issue Options to Michael Callahan

  9. 9. Approval to issue Options to Peter Johnston

  10. 10. Appointment of Auditor

  11. 11. Ratification of prior issue of shares

  12. 12. Approval of participation in the capital raising

  13. 13. Approval of the issue of capital raising share.

PROJECT UPDATES

Idaho Cobalt Operations or ICO, United States

In November, Jervois announced it had appointed M3 Engineering (" M3 ") as lead engineer for the detailed design and site early works for ICO.

M3 is headquartered in Tucson, Arizona and was selected as the preferred engineering contractor due to its recent completion of the Australian JORC Code 2012 Edition (" JORC ") BFS and Canadian National Instrument 43-101 (" NI 43-101 ") Feasibility Study (" FS ") on ICO, announced on 29 September 2020.  M3 also has extensive construction experience and project delivery in the US, specifically relating to local conditions in Idaho and regional contractor capabilities.

The detailed design will cover all packages of work to allow orders to be placed on long lead items so construction can restart and site early works in May 2021 can commence, after snow melts allowing safe site access for construction.  All long lead items are currently being packaged for market enquiry, with contractors currently at site assessing early work package execution plans.  After careful review and discussions with third party suppliers of nickel and cobalt products into the SMP Refinery in Brazil, Jervois has decided to revert to split concentrate at ICO to maximise an ability to leverage refinery restart economics and envisaged copper removal capacity.  This will lead to a US$4.9 million rise in overall project capital at site in Idaho, but with a reduction of capital in Brazil for copper removal otherwise required for ICO concentrate.  ICO remains scheduled to be commissioned in July 2022.

In January 2021 Jervois appointed Metso Outotec to undertake engineering and fabrication of a SAG mill for ICO.  The contract is for the design, fabrication and delivery of a 4.7-metre diameter and 2.5m-long 750kW SAG (semi-autogenous grinding) mill.  The mill design will comfortably accommodate the nameplate 1,200 short tons of ore per day (" stpd ") Jervois applied in its recent ICO FS. (refer to Jervois' ASX announcement on 29 September 2020).

São Miguel Paulista Nickel and Cobalt Refinery, São Paulo, Brazil

In December, Jervois paid the non-refundable deposit of R$15 million (A$3.9 million) which on Closing (as defined below) will apply as the first tranche of the purchase price payable for the SMP Refinery in São Paulo, Brazil.

Following this payment Jervois and CBA have entered into an initial lease arrangement (" Refinery Lease ") providing Jervois access to undertake a FS for the restart.  Subject to Jervois' Early Termination Right up to September 2021, the term of the lease will continue until closing of Jervois' acquisition of SMP Refinery (" Closing ") which is subject to the satisfaction of usual condition precedents and is expected to occur by December 2021.

As part of the purchase arrangements and as contained in the Refinery Lease, Jervois will pay for the SMP Refinery care and maintenance (including environmental remediation) of the site from March 2021, via the cash payment of a monthly lease cost of R$1.5 million.  Up until Closing, CBA will continue to manage the site.  After Closing, 100% ownership and operating control will transfer to Jervois as it moves forward to restart the facility.

On Closing, the deposit paid in December 2020 will be applied as the first tranche of R$15 million to the R$125 million cash purchase price for the SMP Refinery.  The timing for the payment of the balance of the purchase price is conditional upon permitting, restart FS outcomes and future production thresholds, with an outside date of June 2023.

In parallel with engineering work underway on ICO, Jervois announced the appointment of Australian-based consultancy Elemental to complete modelling of feed integration of hydroxides, carbonates, oxides and sulphide concentrates for the SMP Refinery in Brazil.

Scope included detailed mass and energy balance calculations, reagent consumption, steam and water balances, sysCAD models and flowsheets including impurity removal and recirculating load assessment, together with impact on utility demands including electricity, steam and water.  The work was finalized in January, with FS scope in final stages of review prior to award.

Elemental was awarded the scope of work after strong bids from international engineering firms with expertise in nickel and cobalt refining. Elemental completed similar work for Glencore's Murrin Murrin facility in Western Australia and undertook Nico Young flowsheet modelling for Jervois in New South Wales, Australia, prior to public release of the NI 43-101 Preliminary Economic Assessment in May 2019.

As a result of Elemental's work, Jervois has determined it shall integrate a POX leach circuit at the SMP Refinery.  The inclusion of the POX autoclave offers a number of advantages compared to roasting concentrates, namely high metal recovery, low overall operating costs, enhanced ESG metrics due to lower emissions and energy usage, improved refined product purity and compact installation footprint on site.  Preliminary POX sighter test work at SGS Perth Western Australia in conjunction with Elemental's work returned satisfactory results.

As noted earlier, Jervois will now revert to delivering a cobalt concentrate (containing gold) to the SMP Refinery.  The removal of copper from the concentrate in the US will allow Jervois' commercial team to maxmise refinery copper capacity in Brazil from third party suppliers.  Gold, copper and impurity removal bottlenecks are being assessed by Elemental and will form part of the FS scope.  Introducing the POX circuit at the SMP Refinery will replace the roaster at Blackfoot, Idaho, as no concentrate calcination will be necessary for feeding into an autoclave.

Commercially, negotiations with cobalt hydroxide, MHP and sulphide concentrate suppliers continue, as do talks with end customers of refined product.  In addition to the established "Tocantins" metal brands of SMP, Jervois will also be carefully assessing the ability of the facility to produce refined chemical sulphates, both nickel and cobalt.

Nico Young Nickel-Cobalt Project, New South Wales, Australia

The Company completed the Nico Young NI 43-101 Preliminary Economic Assessment (" PEA ") in May 2019 which envisaged heap leaching and refining through an integrated processing facility to produce battery grade nickel sulphate and cobalt in refined sulphide.  Assessments on producing a mixed hydroxide product (" MHP ") (a feedstock suitable for the SMP Refinery) were also assessed and costed to the equivalent level of engineering.

Jervois' announced agreement to acquire the SMP Refinery enables a revised development plan at Nico Young to MHP, suitable for processing based on the existing SMP flowsheet.  This is estimated to result in capital savings of approximately A$200 million from the prior Nico Young NI 43-101 PEA investment requirements.

The Company is continuing discussions which envisage partial off-take in exchange for funding to complete a BFS.  At that time, Jervois will reassess its level of equity ownership and uncommitted offtake of Nico Young to determine a suitable ownership structure and marketing strategy to secure the required project financing to move into construction.

Ugandan Exploration Properties

Jervois completed its planned drill programme at its Kilembe area properties in central and western Uganda, and following receipt of assays from Q4 2020 exploration, announced the results on 27 January 2021.

Drilling at the Kilembe Area Properties targeted surficial Au-Cu mineralization detected through earlier geochemical programmes.  In total, 1,905 metres of diamond drilling was completed in 17 holes drilled at the Kilembe Area Properties in 2019 and 10 holes in 2020, totaling 1,409m.

Result highlights included:

        • Hole 20DDHS006

  • 2.0m @ 6.0 grams per tonne gold ("g/t Au") from 147.4m

  • Hole 20DDHS007

  • 24.8m @ 0.9 g/t Au from 53.7m

Including 1.05m @ 6.4 g/t Au; from 77.45m

  • Hole 20DDHS008

  • 10.4m @ 0.6 g/t Au from 14.0m

    1.65m @ 1.6 g/t Au from 69.15m

  • Hole 20DDHS009

  • 10.0m @ 0.5 g/t Au from 38.0m

Including 1.0m @ 2.9 g/t Au; from 41.0m

  • 1.0m @ 5.0 g/t Au; from 95.0m

All exploration activities in Uganda have been suspended due to a combination of ongoing Covid-19 risks, political and regulatory developments in-country and results to date outside the above Kilembe Area Properties which do not meet mineralization model expectations for copper-cobalt ore deposits.  Jervois is initiating a partnering process for its Ugandan exploration portfolio and the current book value (A$20.5 million) will be subject to careful impairment review as part of the December 2020 annual account preparation.

Kabanga Nickel-Cobalt Deposit Application, Tanzania

Jervois has been unsuccessful in obtaining tenure for the Kabanga Nickel-Cobalt deposit.

Non Core Assets

Jervois' non-core assets are summarized on the Company's website. Sale negotiations to rationalize the Company's portfolio continues.

ASX WAIVER INFORMATION

On 6 June 2019, the ASX granted a waiver to Jervois in respect of extending the period to 8 November 2023 in which it may issue new Jervois shares to the eCobalt option holders as part of the eCobalt transaction.

As at 31 December 2020, the following Jervois shares were issued in the quarter on exercise of eCobalt options and the following eCobalt options remain outstanding:

Jervois shares issued in the quarter on exercise of eCobalt options:

Nil

eCobalt options remaining outstanding:

2,714,250*

3,654,750*

288,750*

231,000*

165,000*

206,250*

4,191,000*

123,750*

1,980,000*

eCobalt options exercisable until 6 September 2021 at C$0.36* each

eCobalt options exercisable until 28 June 2022 at C$0.71* each

eCobalt options exercisable until 5 October 2022 at C$0.70* each

eCobalt options exercisable until 11 January 2023 at C$1.16* each

eCobalt options exercisable until 12 March 2023 at C$0.85* each

eCobalt options exercisable until 6 April 2023 at C$0.84* each

eCobalt options exercisable until 28 June 2023 at C$0.61* each

eCobalt options exercisable until 24 September 2023 at C$0.50* each

eCobalt options exercisable until 1 October 2023 at C$0.53* each

13,554,750*

  • The number of options represent the number of Jervois shares that will be issued on exercise.  The exercise price represents the price to be paid for the Jervois shares when issued.

By Order of the Board

Bryce Crocker

Chief Executive Officer

For further information, please contact:

Investors and analysts:

Bryce Crocker

Chief Executive Officer

Jervois Mining Limited

bcrocker@jervoismining.com.au

Media:

Nathan Ryan

NWR Communications

nathan.ryan@nwrcommunications.com.au

Mob: +61 420 582 887

Competent Person's Statement

The information in this release that relates to Mineral Exploration is based on information compiled by David Selfe who is a full time employee of the company and a Fellow of the Australasian Institute of Mining and Metallurgy and Dean Besserer, P.Geol. who is the GM Exploration for the Company and a member of The Association of Professional Engineers and Geoscientists of Alberta.  Both David Selfe and Dean Besserer have sufficient experience which is relevant to the style of mineralization and type of deposit under consideration and to the activity which they are undertaking to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'.  David Selfe and Dean Besserer consent to the inclusion in the release of the matters based on their information in the form and context in which it appears.

Qualified Person's Statement

The technical content of this news release has been reviewed and approved by Dean Besserer, P.Geol., who is the GM Exploration for the Company and a Qualified Person as defined by National Instrument 43-101.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward Looking Statements

This news release may contain certain "Forward-Looking Statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. When used in this news release, the words "anticipate", "believe", "estimate", "expect", "target, "plan", "forecast", "may", "schedule" and other similar words or expressions identify forward-looking statements or information. These forward-looking statements or information may relate to the partnering process in Uganda, preparation of detailed engineering at ICO, the commencement of construction and operations at ICO, the preparation of studies at SMP Refinery, the reliability of third party information, and certain other factors or information. Such statements represent the Company's current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affections such statements and information other than as required by applicable laws, rules and regulations.

Tenements

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

Area 1 (NSW)

EL 8474

100.0

West Arunta (WA)

E80 4820

20.0

West Arunta (WA)

E80 4986

20.0

West Arunta (WA)

E80 4987

20.0

Old Khartoum (QLD)

EPM 14797

100.0

Khartoum (QLD)

EPM 19112

100.0

Three Mile Creek (QLD)

EPM 19113

100.0

Carbonate Creek (QLD)

EPM 19114

100.0

Mt Fairyland (QLD)

EPM 19203

100.0

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

Bujagali

EL1827

100.0

Kilembe Area

EL1674

100.0

Kilembe Area

EL1735

100.0

Kilembe Area

EL1736

100.0

Kilembe Area

EL1737

100.0

Kilembe Area

EL0012

100.0

Idaho Cobalt Operations – 100% Interest owned

Claim Name

County #

IMC #

SUN 1

222991

174156

SUN 2

222992

174157

SUN 3 Amended

245690

174158

SUN 4

222994

174159

SUN 5

222995

174160

SUN 6

222996

174161

SUN 7

224162

174628

SUN 8

224163

174629

SUN 9

224164

174630

SUN 16 Amended

245691

177247

SUN 18 Amended

245692

177249

Sun 19

277457

196394

SUN FRAC 1

228059

176755

SUN FRAC 2

228060

176756

TOGO 1

228049

176769

TOGO 2

228050

176770

TOGO 3

228051

176771

DEWEY FRAC Amended

248739

177253

Powder 1

269506

190491

Powder 2

269505

190492

LDC-1

224140

174579

LDC-2

224141

174580

LDC-3

224142

174581

LDC-5

224144

174583

LDC-6

224145

174584

LDC-7

224146

174585

LDC-8

224147

174586

LDC-9

224148

174587

LDC-10

224149

174588

LDC-11

224150

174589

LDC-12

224151

174590

LDC-13 Amended

248718

174591

LDC-14 Amended

248719

174592

LDC-16

224155

174594

LDC-18

224157

174596

LDC-20

224159

174598

LDC-22

224161

174600

LDC FRAC 1 Amended

248720

175880

LDC FRAC 2 Amended

248721

175881

LDC FRAC 3 Amended

248722

175882

LDC FRAC 4 Amended

248723

175883

LDC FRAC 5 Amended

248724

175884

RAM 1

228501

176757

RAM 2

228502

176758

RAM 3

228503

176759

RAM 4

228504

176760

RAM 5

228505

176761

RAM 6

228506

176762

RAM 7

228507

176763

RAM 8

228508

176764

RAM 9

228509

176765

RAM 10

228510

176766

RAM 11

228511

176767

RAM 12

228512

176768

RAM 13 Amended

245700

181276

RAM 14 Amended

245699

181277

RAM 15 Amended

245698

181278

RAM 16 Amended

245697

181279

Ram Frac 1 Amended

245696

178081

Ram Frac 2 Amended

245695

178082

Ram Frac 3 Amended

245694

178083

Ram Frac 4 Amended

245693

178084

HZ 1

224173

174639

HZ 2

224174

174640

HZ 3

224175

174641

HZ 4

224176

174642

HZ 5

224413

174643

HZ 6

224414

174644

HZ 7

224415

174645

HZ 8

224416

174646

HZ 9

224417

174647

HZ 10

224418

174648

HZ 11

224419

174649

HZ 12

224420

174650

HZ 13

224421

174651

HZ 14

224422

174652

HZ 15

231338

178085

HZ 16

231339

178086

HZ 18

231340

178087

HZ 19

224427

174657

Z 20

224428

174658

HZ 21

224193

174659

HZ 22

224194

174660

HZ 23

224195

174661

HZ 24

224196

174662

HZ 25

224197

174663

HZ 26

224198

174664

HZ 27

224199

174665

HZ 28

224200

174666

HZ 29

224201

174667

HZ 30

224202

174668

HZ 31

224203

174669

HZ 32

224204

174670

HZ FRAC

228967

177254

JC 1

224165

174631

JC 2

224166

174632

JC 3

224167

174633

JC 4

224168

174634

JC 5 Amended

245689

174635

JC 6

224170

174636

JC FR 7

224171

174637

JC FR 8

224172

174638

JC 9

228054

176750

JC 10

228055

176751

JC 11

228056

176752

JC-12

228057

176753

JC-13

228058

176754

JC 14

228971

177250

JC 15

228970

177251

JC 16

228969

177252

JC 17

259006

187091

JC 18

259007

187092

JC 19

259008

187093

JC 20

259009

187094

JC 21

259010

187095

JC 22

259011

187096

CHELAN NO. 1 Amended

248345

175861

GOOSE 2 Amended

259554

175863

GOOSE 3

227285

175864

GOOSE 4 Amended

259553

175865

GOOSE 6

227282

175867

GOOSE 7 Amended

259552

175868

GOOSE 8 Amended

259551

175869

GOOSE 10 Amended

259550

175871

GOOSE 11 Amended

259549

175872

GOOSE 12 Amended

259548

175873

GOOSE 13

228028

176729

GOOSE 14 Amended

259547

176730

GOOSE 15

228030

176731

GOOSE 16

228031

176732

GOOSE 17

228032

176733

GOOSE 18 Amended

259546

176734

GOOSE 19 Amended

259545

176735

GOOSE 20

228035

176736

GOOSE 21

228036

176737

GOOSE 22

228037

176738

GOOSE 23

228038

176739

GOOSE 24

228039

176740

GOOSE 25

228040

176741

SOUTH ID 1 Amended

248725

175874

SOUTH ID 2 Amended

248726

175875

SOUTH ID 3 Amended

248727

175876

SOUTH ID 4 Amended

248717

175877

SOUTH ID 5 Amended

248715

176743

SOUTH ID 6 Amended

248716

176744

South ID 7

306433

218216

South ID 8

306434

218217

South ID 9

306435

218218

South ID 10

306436

218219

South ID 11

306437

218220

South ID 12

306438

218221

South ID 13

306439

218222

South ID 14

306440

218223

OMS-1

307477

218904

Chip 1

248956

184883

Chip 2

248957

184884

Chip 3 Amended

277465

196402

Chip 4 Amended

277466

196403

Chip 5 Amended

277467

196404

Chip 6 Amended

277468

196405

Chip 7 Amended

277469

196406

Chip 8 Amended

277470

196407

Chip 9 Amended

277471

196408

Chip 10 Amended

277472

196409

Chip 11 Amended

277473

196410

Chip 12 Amended

277474

196411

Chip 13 Amended

277475

196412

Chip 14 Amended

277476

196413

Chip 15 Amended

277477

196414

Chip 16 Amended

277478

196415

Chip 17 Amended

277479

196416

Chip 18 Amended

277480

196417

Sun 20

306042

218133

Sun 21

306043

218134

Sun 22

306044

218135

Sun 23

306045

218136

Sun 24

306046

218137

Sun 25

306047

218138

Sun 26

306048

218139

Sun 27

306049

218140

Sun 28

306050

218141

Sun 29

306051

218142

Sun 30

306052

218143

Sun 31

306053

218144

Sun 32

306054

218145

Sun 33

306055

218146

Sun 34

306056

218147

Sun 35

306057

218148

Sun 36

306058

218149

Chip 21 Fraction

306059

218113

Chip 22 Fraction

306060

218114

Chip 23

306025

218115

Chip 24

306026

218116

Chip 25

306027

218117

Chip 26

306028

218118

Chip 27

306029

218119

Chip 28

306030

218120

Chip 29

306031

218121

Chip 30

306032

218122

Chip 31

306033

218123

Chip 32

306034

218124

Chip 33

306035

218125

Chip 34

306036

218126

Chip 35

306037

218127

Chip 36

306038

218128

Chip 37

306039

218129

Chip 38

306040

218130

Chip 39

306041

218131

Chip 40

307491

218895

DRC NW 1

307492

218847

DRC NW 2

307493

218848

DRC NW 3

307494

218849

DRC NW 4

307495

218850

DRC NW 5

307496

218851

DRC NW 6

307497

218852

DRC NW 7

307498

218853

DRC NW 8

307499

218854

DRC NW 9

307500

218855

DRC NW 10

307501

218856

DRC NW 11

307502

218857

DRC NW 12

307503

218858

DRC NW 13

307504

218859

DRC NW 14

307505

218860

DRC NW 15

307506

218861

DRC NW 16

307507

218862

DRC NW 17

307508

218863

DRC NW 18

307509

218864

DRC NW 19

307510

218865

DRC NW 20

307511

218866

DRC NW 21

307512

218867

DRC NW 22

307513

218868

DRC NW 23

307514

218869

DRC NW 24

307515

218870

DRC NW 25

307516

218871

DRC NW 26

307517

218872

DRC NW 27

307518

218873

DRC NW 28

307519

218874

DRC NW 29

307520

218875

DRC NW 30

307521

218876

DRC NW 31

307522

218877

DRC NW 32

307523

218878

DRC NW 33

307524

218879

DRC NW 34

307525

218880

DRC NW 35

307526

218881

DRC NW 36

307527

218882

DRC NW 37

307528

218883

DRC NW 38

307529

218884

DRC NW 39

307530

218885

DRC NW 40

307531

218886

DRC NW 41

307532

218887

DRC NW 42

307533

218888

DRC NW 43

307534

218889

DRC NW 44

307535

218890

DRC NW 45

307536

218891

DRC NW 46

307537

218892

DRC NW 47

307538

218893

DRC NW 48

307539

218894

EBatt 1

307483

218896

EBatt 2

307484

218897

EBatt 3

307485

218898

EBatt 4

307486

218899

EBatt 5

307487

218900

EBatt 6

307488

218901

EBatt 7

307489

218902

EBatt 8

307490

218903

OMM-1

307478

218905

OMM-2

307479

218906

OMN-2

307481

218908

OMN-3

307482

218909

BTG-1

307471

218910

BTG-2

307472

218911

BTG-3

307473

218912

BTG-4

307474

218913

BTG-5

307475

218914

BTG-6

307476

218915

NFX 17

307230

218685

NFX 18

307231

218686

NFX 19

307232

218687

NFX 20

307233

218688

NFX 21

307234

218689

NFX 22

307235

218690

NFX 23

307236

218691

NFX 24

307237

218692

NFX 25

307238

218693

NFX 30

307243

218698

NFX 31

307244

218699

NFX 32

307245

218700

NFX 33

307246

218701

NFX 34

307247

218702

NFX 35

307248

218703

NFX 36

307249

218704

NFX 37

307250

218705

NFX 38

307251

218706

NFX 42

307255

218710

NFX 43

307256

218711

NFX 44

307257

218712

NFX 45

307258

218713

NFX 46

307259

218714

NFX 47

307260

218715

NFX 48

307261

218716

NFX 49

307262

218717

NFX 50

307263

218718

NFX 56

307269

218724

NFX 57

307270

218725

NFX 58

307271

218726

NFX 59

307272

218727

NFX 60 Amended

307558

218728

NFX 61

307274

218729

NFX 62

307275

218730

NFX 63

307276

218731

NFX 64

307277

218732

OMN-1 revised

315879

228322

Black Pine – 100% Interest Owned

Claim Name

Book & Page

County #

IMC #

NOAH #1

304761

217757

NOAH #2

304762

217758

NOAH #3

304763

217759

NOAH #4

304764

217760

NOAH #5

304765

217761

NOAH #6

304766

217762

NOAH #7

304767

217763

NOAH #8

304768

217764

NOAH #9

304769

217765

NOAH #10

304770

217766

NOAH #11 Amended

305804

218081

NOAH #12

305803

218082

NOAH #13 FRAC

305802

218083

NOAH #14

305805

218084

NOAH #15

305806

218085

NOAH #16

305807

218086

NOAH #17

305808

218087

NOAH #18

305809

218088

NOAH #19

305810

218089

NOAH #20

305811

218090

NOAH #21

305812

218091

NOAH #22

305813

218092

NOAH #23

305814

218093

Appendix 5B

Mining exploration entity or oil and gas exploration entity
quarterly cash flow report

Name of entity

Jervois Mining Limited

ABN

Quarter ended ("current quarter")

52 007 626 575

31 December 2020

Consolidated statement of cash flows

Current quarter
$A'000

Year to date

(6 months)
$A'000

1.

Cash flows from operating activities

-

-

1.1

Receipts from customers

1.2

Payments for

-

-

  1. (a) exploration & evaluation

  1. (b) development

-

-

  1. (c) production

-

-

  1. (d) staff costs

(429)

(686)

  1. (e) administration and corporate costs

(1,158)

(2,046)

1.3

Dividends received (see note 3)

-

-

1.4

Interest received

-

-

1.5

Interest and other costs of finance paid

-

-

1.6

Income taxes paid

-

-

1.7

Government grants and tax incentives

25

1,587

1.8

Other

43

68

1.9

Net cash from / (used in) operating activities

(1,519)

(1,077)

2.

Cash flows from investing activities

-

-

2.1

Payments to acquire or for:

  1. (a) entities

  1. (b) tenements

-

-

  1. (c) property, plant and equipment – incl. assets under construction

(1,006)

(1,007)

  1. (d) exploration & evaluation

(505)

(1,592)

  1. (e) investments

-

-

  1. (f) other non-current assets

(162)

(162)

2.2

Proceeds from the disposal of:

-

-

  1. (a) entities

  1. (b) tenements

-

-

  1. (c) property, plant and equipment

-

-

  1. (d) investments

-

173

  1. (e) other non-current assets

-

-

2.3

Cash flows from loans to other entities

-

-

2.4

Dividends received (see note 3)

-

-

2.5

Other – SMP Refinery Purchase Tranche 1

(3,910)

(3,910)

2.6

Net cash from / (used in) investing activities

(5,583)

(6,498)

3.

Cash flows from financing activities

45,000

45,000

3.1

Proceeds from issues of equity securities (excluding convertible debt securities)

3.2

Proceeds from issue of convertible debt securities

-

-

3.3

Proceeds from exercise of options

70

309

3.4

Transaction costs related to issues of equity securities or convertible debt securities

(990)

(990)

3.5

Proceeds from borrowings

-

-

3.6

Repayment of borrowings

-

-

3.7

Transaction costs related to loans and borrowings

-

-

3.8

Dividends paid

-

-

3.9

Other (provide details if material)

-

-

3.10

Net cash from / (used in) financing activities

44,080

44,319

4.

Net increase / (decrease) in cash and cash equivalents for the period

4.1

Cash and cash equivalents at beginning of period

5,407

5,663

4.2

Net cash from / (used in) operating activities (item 1.9 above)

(1,519)

(1,077)

4.3

Net cash from / (used in) investing activities (item 2.6 above)

(5,583)

(6,498)

4.4

Net cash from / (used in) financing activities (item 3.10 above)

44,080

44,319

4.5

Effect of movement in exchange rates on cash held

(54)

(76)

4.6

Cash and cash equivalents at end of period

42,331

42,331

5.

Reconciliation of cash and cash equivalents
at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts

Current quarter
$A '000

Previous quarter
$A '000

5.1

Bank balances

42,331

5,407

5.2

Call deposits

-

-

5.3

Bank overdrafts

-

-

5.4

Other (provide details)

-

-

5.5

Cash and cash equivalents at end of quarter (should equal item 4.6 above)

42,331

5,407

6.

Payments to related parties of the entity and their associates

Current quarter
$A

6.1

Aggregate amount of payments to related parties and their associates included in item 1

262

6.2

Aggregate amount of payments to related parties and their associates included in item 2

83

Note: if any amounts are shown in items 6.1 or 6.2, your quarterly activity report must include a description of, and an explanation for, such payments.

7.

Financing facilities
Note: the term "facility' includes all forms of financing arrangements available to the entity.

Add notes as necessary for an understanding of the sources of finance available to the entity.

Total facility amount at quarter end
$A '000

Amount drawn at quarter end
$A '000

7.1

Loan facilities

-

-

7.2

Credit standby arrangements

-

-

7.3

Other (please specify)

104

104

7.4

Total financing facilities

104

104

7.5

Unused financing facilities available at quarter end

-

7.6

Include in the box below a description of each facility above, including the lender, interest rate, maturity date and whether it is secured or unsecured. If any additional financing facilities have been entered into or are proposed to be entered into after quarter end, include a note providing details of those facilities as well.

Other - US government loan outstanding relating to Covid-19 stimulus payroll protection, for which forgiveness requirements have already been met.

8.

Estimated cash available for future operating activities

$A'000

8.1

Net cash from / (used in) operating activities (item 1.9)

(1,519)

8.2

(Payments for exploration & evaluation classified as investing activities) (item 2.1(d))

(505)

8.3

Total relevant outgoings (item 8.1 + item 8.2)

(2,024)

8.4

Cash and cash equivalents at quarter end (item 4.6)

42,331

8.5

Unused finance facilities available at quarter end (item 7.5)

-

8.6

Total available funding (item 8.4 + item 8.5)

42,331

8.7

Estimated quarters of funding available (item 8.6 divided by item 8.3)

20.91

Note: if the entity has reported positive relevant outgoings (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 funding available must be included in item 8.7.

8.8

If item 8.7 is less than 2 quarters, please provide answers to the following questions:

8.8.1        Does the entity expect that it will continue to have the current level of net operating cash flows for the time being and, if not, why not?

Answer:

8.8.2        Has the entity taken any steps, or does it propose to take any steps, to raise further cash to fund its operations and, if so, what are those steps and how likely does it believe that they will be successful?

Answer:

8.8.3        Does the entity expect to be able to continue its operations and to meet its business objectives and, if so, on what basis?

Answer:

Note: where item 8.7 is less than 2 quarters, all of questions 8.8.1, 8.8.2 and 8.8.3 above must be answered.

Compliance statement

1        This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A.

2        This statement gives a true and fair view of the matters disclosed.

Date:        29 January 2021

Authorised by:        Alwyn Davey, Company Secretary

(Name of body or officer authorising release – see note 4)

Notes

1.        This quarterly cash flow report and the accompanying activity report provide a basis for informing the market about the entity's activities for the past quarter, how they have been financed and the effect this has had on its cash position. An entity that wishes to disclose additional information over and above the minimum required under the Listing Rules is encouraged to do so.

2.        If this quarterly cash flow report has been prepared in accordance with Australian Accounting Standards, the definitions in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash Flows apply to this report. If this quarterly cash flow report has been prepared in accordance with other accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standards apply to this report.

3.        Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities, depending on the accounting policy of the entity.

4.        If this report has been authorised for release to the market by your board of directors, you can insert here: "By the board". If it has been authorised for release to the market by a committee of your board of directors, you can insert here: "By the [ name of board committee e.g., Audit and Risk Committee ]". If it has been authorised for release to the market by a disclosure committee, you can insert here: "By the Disclosure Committee".

5.        If this report has been authorised for release to the market by your board of directors and you wish to hold yourself out as complying with recommendation 4.2 of the ASX Corporate Governance Council's Corporate Governance Principles and Recommendations , the board should have received a declaration from its CEO and CFO that, in their opinion, the financial records of the entity have been properly maintained, that this report complies with the appropriate accounting standards and gives a true and fair view of the cash flows of the entity, and that their opinion has been formed on the basis of a sound system of risk management and internal control which is operating effectively.

Copyright (c) 2021 TheNewswire - All rights reserved.

News Provided by TheNewsWire via QuoteMedia

The Conversation (0)

Sherritt Announces Changes to its Board of Directors

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Sherritt International Corporation ("Sherritt" or the "Corporation") (TSX:S) is pleased to announce the appointments of Louise Blais and Steven H. Goldman to its Board of Directors effective immediately. The appointments of Ms. Blais and Mr. Goldman are in accordance with Sherritt's Board succession planning with the retirements of Maryse Belanger and John Warwick, both of whom are not seeking re-election at the Corporation's 2024 Annual General Meeting ("AGM"). Ms. Belanger will be retiring from the Board as of today and Mr. Warwick will be retiring from the Board at the AGM on May 9, 2024.

News Provided by Business Wire via QuoteMedia

Keep reading...Show less
International Cobalt Announces $5.3M Debt Settlement

International Cobalt Announces $5.3M Debt Settlement

International Cobalt Corp. (" International Cobalt " or the " Company ") advises that it has entered into a settlement agreement dated February 28, 2024, with Tantalex Lithium Resources Corp. (" Tantalex ") to settle an amount of CDN$5,324,275.30 owed to the Company (the " Settlement Agreement "). The Settlement Agreement stems from multiple unsecured convertible debentures in principal amounts of USD$2,100,000 and CDN$800,000 entered into between the parties in 2018 and in 2020 bearing an interest rate of 4% that became due in November of 2022 (the " Debt ").

Under the terms of the Settlement Agreement, the Debt was settled with an aggregate 106,485,506 common shares in the capital of Tantalex (the " Tantalex Shares ") issued at a price of CDN$0.05 per Tantalex Share and 50,000,000 common share purchase warrants (the " Tantalex Warrants "). Each Tantalex Warrant is exercisable by the Company to acquire 50,000,000 Tantalex Shares at a price of $0.10 for a period of thirty (30) months from issuance (the " Debt Settlement ").

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
Edison Lithium Receives Court Approval for Edison Cobalt Spin-Out

Edison Lithium Receives Court Approval for Edison Cobalt Spin-Out

Edison Lithium Corp. (TSXV: EDDY) (OTCQB: EDDYF) (FSE: VV0) ("Edison" or the "Company") is pleased to announce that on March 1, 2024, the Supreme Court of British Columbia issued its final order approving the Company's previously announced plan of arrangement (the "Arrangement") involving its wholly-owned subsidiary, Edison Cobalt Corp. ("Edison Cobalt"). For details regarding the Arrangement, see the news releases of the Company dated March 28, 2023, July 13, 2023, November 28, 2023, December 7, 2023, February 1, 2024 and February 27, 2024.

The Company will announce the share distribution record date and the exact number of Edison Cobalt shares issuable at a later date. The Arrangement remains subject to final acceptance by the TSX Venture Exchange ("TSXV").

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
Edison Lithium Announces Results of Annual General and Special Meeting

Edison Lithium Announces Results of Annual General and Special Meeting

Edison Lithium Corp. (TSXV: EDDY) (OTCQB: EDDYF) (FSE: VV0) ("Edison" or the "Company") is pleased to announce the results of its annual and general special meeting of securityholders (the "Meeting") held on February 26, 2024.

At the Meeting, the shareholders of the Company approved all resolutions placed before them by management as set out in the Company's management information circular dated January 12, 2024, and the related addendum dated January 31, 2024, including: (i) fixing the number of directors at five and electing Nathan Rotstein, James (Jay) Richardson, Luisa Moreno, Gordon Jang, and Roger Dahn as directors of the Company for the ensuing year; (ii) the re-appointment of Dale Matheson Carr-Hilton Labonte LLP, Chartered Professional Accountants, as auditor of the Company for the ensuing year at a remuneration to be fixed by the directors; (iii) the continuation of the Company's 2022 stock option plan; (iv) the ratification of the grant of 915,000 stock options granted to directors and officers of the Company on September 7, 2023; (v) the statutory plan of arrangement (the "Plan of Arrangement") among the Company, the Company's securityholders and Edison Cobalt Corp. ("SpinCo"), a wholly owned subsidiary of the Company (which, in addition to the shareholders of the Company, was approved by the warrantholders and optionholders of the Company); (vi) the disposition of all or substantially all of the Company's undertaking; (vii) the adoption of SpinCo's stock option plan; and (vii) the proposed private placement financing of SpinCo.

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
Edison Lithium Proceeds with Warrant Repricing

Edison Lithium Proceeds with Warrant Repricing

Edison Lithium Corp. (TSXV: EDDY) (OTCQB: EDDYF) (FSE: VV0) ("Edison" or the "Company") is pleased to announce that it is proceeding with the proposed warrant amendments initially announced on September 6, 2023. The Company had previously announced the cancellation of the proposed warrant amendments on January 2, 2024, but after further consideration and additional consultation with the TSX Venture Exchange ("TSX-V"), the Company will proceed to amend the exercise terms of an aggregate 3,926,125 common share purchase warrants out of a possible 4,048,000 warrants issued pursuant to private placements that closed on February 26, 2021, May 7, 2021 and May 28, 2021, subject to TSX-V final approval.

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
Fortune Minerals (TSX:FT)

Fortune Minerals


Keep reading...Show less

Latest Press Releases

Related News

×