Jervois Quarterly Activities Report to 30 June 2021

 

(TheNewswire)

   

  
 

  Jervois Mining Limited  

 

  ACN: 007 626 575  

 

  ASX/TSXV: JRV  

 

  OTCQB: JRVMF  

 

  Corporate Information:  

 

  802.7M Ordinary Shares  

 

  91.3M Options  

 

  0.4M Performance Rights  

 

  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@jervoisglobal.com  

 

  W: www.jervoisglobal.com  

 
 

  Highlights  

 
  •  

      - Jervois to raise A$313.0 million via a fully underwritten equity offer to fund acquisition of Freeport Cobalt and Idaho Cobalt Operations ("ICO") construction  

     

      - Successful completion of initial Placement and Institutional Entitlement Offer tranches of A$136.0 million.  A$177.0 million Retail Entitlement Offer ongoing; settlement at end August  

     

      - Jervois secures US$100.0 million bond offering to fund ICO  

     

      - David Issroff announced as proposed Non-Executive Director  

     

      - Matthew Lengerich appointed EGM Mining  

     

      - Jervois' Board approves full construction and development of ICO following closing of its bond offering  

     

      - Jervois expects to commence commercial concentrate production at ICO from mid-2022  

     

      - Bond issue preserves commercial flexibility through ICO construction by not obliging Jervois to irrevocably commit cobalt supply early  

     

      - Jervois continues to advance funding support discussions with the United States government  

     

      - Ausenco appointed as Bankable Feasibility Study ("BFS") lead contractor for São Miguel Paulista ("SMP") nickel and cobalt refinery in Brazil  

     

      - Metso Outotec engaged to lead testwork for SMP BFS  

     

      - Jervois received approval for Idaho Tax Reimbursement Incentive for ICO  

     

      - Upper Salmon Basin restoration projects initiated with Idaho Conservation League  

     

      - Jervois participated at renewable energy and battery metals conferences  

     

      - Jervois ends June 2021 quarter with A$33.3 million  

     
  •  
 

  July 30, 2021 - TheNewswire - Australia   (ASX:JRV) (TSXV:JRV) (OTC:JRVMF)  

 

  CORPORATE UPDATE  

 

  Liquidity  

 

  Jervois   ended the June 2021 quarter ("   Q2   ") with A$33.3 million in cash.  The loan from the United States ("   U.S.   ") government of A$0.1 million relating to COVID-19 stimulus payroll protection was forgiven during the quarter.  

 

  Expenditure on exploration and development for the quarter was immaterial as activities at Idaho Cobalt Operations ("   ICO   ") are now classified as Assets Under Construction; expenditure of A$3.2 million was incurred in the quarter.  

 

  In Brazil, lease payments for the São Miguel Paulista ("   SMP   ") Refinery were R$4.5 million for Q2 (being monthly payments of R$1.5 million) and will continue to occur up to Closing.  Brazilian development expenditure associated with the Ausenco led Bankable Feasibility Study ("   BFS   "), excluding the lease payment, totalled A$1.1 million during the quarter.  

 

  After 30 June 2021, and prior to settlement of the bonds on 20 July 2021, A$24.1 million was transferred to the Escrow Account and Debt Service Account held by Jervois Mining USA Limited in accordance with the bond terms.  

 

  Acquisition of Freeport Cobalt and Equity Funding  

 

  On 27 July 2021, Jervois announced it has agreed to acquire 100% of Freeport Cobalt by purchasing all the shares of Freeport Cobalt Oy and four affiliated entities from Koboltti Chemicals Holdings Limited ("   KCHL   ") (the "   Acquisition   ").  

 

  Freeport   Cobalt   is   the Kokkola,   Finland-based   cobalt   refining and   specialty   products   business  

 

  retained by Freeport-McMoRan   ("   Freeport   ")   and   certain co-owners following   the sale   of   certain   refining   and   battery materials   activities   to   Umicore   in   2019.   The   Freeport   Cobalt   business   consists   of:  

 
  •  

      - a capacity   sharing agreement   with Umicore   for the   15,000   mtpa   cobalt refinery in Kokkola,   Finland (which is   operated by   Umicore)   under   which   Freeport   Cobalt has contractual rights   to   toll   refine   6,250   mtpa   cobalt   at cost   until 2093;  

     

      - long-term   contracts   with   leading global suppliers of   cobalt   hydroxide,   consistent   with commitment   to best   practice   responsible   sourcing   framework; and  

     

      - a downstream   cobalt   products   manufacturing   facility with   an established marketing platform and   long-term   global customer   base servicing clients   primarily across   Europe,   the   United States and Japan.  

     
  •  

  The   Acquisition is   expected   to transform Jervois into a global,   vertically integrated cobalt   and nickel company of   scale,   led by a highly experienced management   team.   Post- acquisition,   Jervois will be   diversified across   multiple   products   and value   chain segments  

 

  with   significant   relevance   to   leading cobalt   producers   and end-users.  

 

  Jervois' acquisition of Freeport Cobalt also provides the Company with an established global market platform from which to operate.  The industrial logic and strategic rationale for the Acquisition is compelling, with value for Jervois shareholders expected to be created through technical and commercial synergies with ICO and SMP operations.  

 

  The purchase price for Freeport Cobalt is as follows:  

 

  - base consideration of US$160 million (including US$75 million of net working capital), subject to customary adjustments, to be paid in cash at closing of the Acquisition; and  

 

  - an additional cash payment of the working capital in Freeport Cobalt above US$75 million, at the closing of the Acquisition; and  

 

  - contingent consideration of up to US$40 million, payable in cash up to US$10 million per year based on Freeport Cobalt's financial performance from 2022 through to 2026, and through a "catch up" amount based on Freeport Cobalt's aggregate financial performance during that period.  

 

  The Acquisition is expected to close at the end of August 2021.  

 

  To fund the Acquisition and ICO development, Jervois has entered an underwriting agreement providing a fully-underwritten A$313 million equity raising by issuance of new Jervois ordinary shares consisting of a ~A$87m institutional placement (the "   Placement   ") and a ~A$226 million 1 for 1.56 accelerated pro-rata non-renounceable entitlement offer (the "   Entitlement Offer   ").  

 

  Approximately A$136 million was raised across the Placement and Institutional Entitlement Offer at an offer price of A$0.44 per share.  The Retail Entitlement Offer is fully underwritten and will raise an additional A$177 million.  Together, the combined proceeds of the equity raising are expected to total A$313 million.  

 

  ICO Debt Financing  

 

  In July, Jervois announced it had priced and closed the books on its subsidiary's offering (the "   Bond Offering   ") of senior secured bonds in the aggregate principal amount of US$100 million, guaranteed by Jervois (the "   Bonds   ").  Proceeds from the bond issue will be used to fund construction of ICO in the U.S.  

 

  Clarksons Platou Securities AS ("   Clarksons   ") acted as managers for the Nordic-style Bond Offering, launched as a private placement seeking proceeds of US$80-100 million.  The   Bonds are U.S. dollar denominated with a five-year term, unless repurchased or redeemed, and bear interest at 12.5% per annum, payable semi-annually in arrears, and were issued at a discount to par of 2%.  The Bonds are debt instruments only, with no attached equity warrants or equity conversion features.  

 

  The Bonds will be senior debt of Jervois Mining USA Limited (the "   Issuer   "), an indirect wholly-owned U.S. subsidiary of Jervois and owner of ICO, and will be guaranteed by Jervois.  The Bonds will be secured on a first priority basis by  

 
  1.  

      (i)   a share pledge over all the shares of the Issuer,  

     
  2.  
  3.  

      (ii)   a pledge over all loans by and between any of the Issuer, Jervois and/or Jervois' direct wholly-owned U.S. subsidiary which owns all the shares of the Issuer, and  

     
  4.  
  5.  

      (iii)   security over all material assets (tangible and intangible) of the Issuer, such as the Escrow Account, among other things.  

     
  6.  

  Net proceeds from the Bond Offering will, upon disbursement to the Issuer from the Escrow Account, be used for the payment of capital expenditures, operating costs and other costs associated with the construction of ICO and bringing it into production.  First production from ICO continues to be expected from mid-2022.  

 

  The issue date of the Bond Offering was 20 July 2021.  

 

  Upon satisfaction of certain conditions precedent customary for these types of transactions, the net proceeds of the Bond Offering will be placed into a U.S. dollar denominated escrow account of the Issuer (the "   Escrow Account   ").  These conditions precedent include, without limitation, funding of the Escrow Account by the Issuer such that upon deposit in the Escrow Account of the net proceeds of the Bond Offering, the aggregate sum held on deposit therein (the "   Bond Funds   ") will equal 101% of the aggregate principal amount of the Bonds.  

 

  The first of two (2) drawdowns of 50% of the Bonds Funds from the Escrow Account is anticipated in Q4 2021, following satisfaction of the conditions precedent to Withdrawal from Escrow Account.  

 

  Jervois is not required to enter into any external off-take agreements for ICO concentrates, except in certain limited circumstances at a later date, under the Bond Terms.  The Company will continue with plans to process the concentrates at the SMP refinery, subject to Jervois completing its SMP acquisition and successfully restarting the refinery in stages during 2022 and 2023.  Jervois' commercial team plans to sell refined cobalt products from SMP to key customers across the U.S., and potentially Europe, Japan and South Korea.  This sales strategy is expected to maximise value for shareholders versus committing to an early sale of significant volumes of ICO cobalt concentrates in external off-take agreements.  The Company continues discussions with concentrate customers and for commercial reasons may elect to place limited volume of concentrate externally.  The cobalt circuit at SMP is   expected to be restarted in 2022 on cobalt hydroxide feedstock, the same material as was previously purchased and refined by the facility.  

 

  Customer interest in ICO cobalt in a refined form from SMP is high, reflecting its uniqueness as the only cobalt mined in the U.S. at a time of an increasing focus on ESG standards and security of supply chain risk for critical minerals from geopolitical influences.  

 

  Jervois has had positive conversations with the U.S. Government prior to this comprehensive review about the importance of a U.S. domestic source of cobalt and ICO's financing requirements.  Jervois will continue to advance these discussions on appropriate forms of funding support for ICO and/or Jervois as the policy prescriptions stemming from the review are reflected in the priorities of U.S. Government funding agencies.  Jervois may pursue financing options for ICO and/or other parts of its business with the U.S. Government that can either be implemented in addition to the Bonds, be made available prior to Bond drawdown, or to refinance all or part of the Bonds, in each case in accordance with the Bond Terms.  

 

  During Q2 2021, Jervois participated at the U.S. Department of Commerce's invitation in a roundtable discussion on Advanced Battery Industry Development, hosted by the U.S. Deputy Secretary of Commerce Donald Graves.  Jervois was pleased to provide its perspective on the importance to the U.S. auto industry of a competitive and secure domestic battery supply chain.  The roundtable took place as part of SelectUSA, the keystone investment attraction summit run the U.S. Government, in which CEO's and senior political leadership worked to advance key projects in the U.S. sponsored by international partners such as Jervois.  The discussion was aligned with the Biden Administrations release of its findings of a 100-day review of vulnerabilities in U.S. critical minerals supply chains, including cobalt.  

 

  Board and Management Appointments  

 

  On 27 July 2021, Jervois announced it will appoint David Issroff as a Non-Executive Director effective 3 September 2021 following the completion of the acquisition of Freeport Cobalt.  

 

  Mr Issroff was a founding Partner with Glencore International AG ("   Glencore   "), having joined Glencore South Africa in 1989.  In 1992, he transferred to Glencore's head office in Switzerland with responsibility for the marketing of ferroalloys (including nickel and cobalt).  In 1997, he was appointed Head of the Ferroalloys Division at Glencore International AG, where he was responsible for the global Ferroalloys (including ferrochrome, manganese alloys, ferrosilicon and vanadium), Nickel and Cobalt Divisions of one of the world's largest suppliers of a wide range of commodities to industrial consumers.  Mr Issroff was also responsible for asset oversight within the division he operated and has extensive experience in optimizing operating assets with a trading element.  

 

  In his capacity with Glencore, Mr Issroff served as a Non-Executive Director of investment companies across South Africa, Switzerland and the United Kingdom.  In May 2000, Mr   Issroff joined the Board of Xstrata AG, and was subsequently appointed to the Board of Xstrata plc in February 2002 at the time of the London Initial Public Offering ("   IPO   ").  

 

  Mr Issroff left Glencore and the Xstrata plc Board in 2006 for personal reasons to relocate to the United States, where he remains based today.  

 

  Jervois announced on 12 July 2021 the announced that experienced mining executive Matthew Lengerich will be joining as Executive General Manager ("   EGM   ") – Mining.  

 

  Mr Lengerich joins Jervois from global miner Rio Tinto, where he has spent more than 20 years in a range of roles, with his last position as General Manager – Digital Transformation, based in Salt Lake City, Utah.  Over the past four years, Mr Lengerich has been a key leader of Rio Tinto's efforts to advance its capacity in artificial intelligence, data analytics and mine productivity across its global operating sites.  

 

  Prior to these specialised mining technology roles, as General Manager of Rio Tinto Iron Ore's integrated operations centre in Perth, Australia, Mr Lengerich had responsibility for 450 staff in central control, executing dynamic scheduling and maintaining the production systems associated with the delivery of 320Mtpa of iron ore from Western Australia.  This product was sourced from 15 mines, and transported through 1,700km of rail network and four independent ports, by the remote operating team.  

 

  Earlier, Mr Lengerich was General Manager of the Bingham Canyon Mine near Salt Lake City, a major Rio Tinto mine moving 260Mtpa of material to produce 300,000tpa copper.  Mr Lengerich led the site team of 1,100 employees.  Bingham Canyon remains a world-class operation with industry leading geotechnical engineering, safety and asset performance, and life of mine planning.  Prior to the General Manager role, Mr Lengerich was Bingham Canyon's Mine Manager for two years.  

 

  Mr Lengerich will be responsible for all of Jervois' mining activities globally and will remain based in the United States.  In addition to EGM Mining, he will also fulfil the role of Acting GM –  ICO, until the mine is constructed and commissioned.  

 

  Insider Compensation Reporting  

 

  During the quarter A$0.06 million was paid to Non-Executive Directors.  A$0.12 million was paid to the CEO (Executive Director) during the quarter.  

 

  Investor Relations  

 

  During the quarter, Jervois participated at the Jefferies Renewable Energy Conference: From the Mine to the Market, with CEO Bryce Crocker and CFO James May participating in a panel discussing Cathode Materials and Battery Technology, which was held virtually on 25-27 May. They also participated in 1-1 investor meetings.  

 

  In June, Mr Crocker participated in the opening panel at the TD Securities Battery Metals Virtual Roundtable on 22 June 2021, and Mr Crocker and Mr May hosted 1-1 investor meetings during the event.  

 

  2021 Annual General Meeting  

 

  The 2021 Annual General Meeting ("   AGM   ") of Jervois shareholders was held on 29 July 2021 at 10.00am Australian Eastern Standard Time ("   AEST   ").  All of the resolutions were passed.  

 

  OPERATIONAL UPDATES  

 

  Idaho Cobalt Operations ("ICO"), United States  

 

  Jervois' Board approved final construction of ICO in early July following its senior secured Bond Offering to raise US$100 million (as earlier described).  Upon satisfaction of conditions precedent, which is expected in Q4 2021, they will be used for the payment of capital expenditures, operating costs and other costs associated with the construction of ICO and bringing it into production. First production from ICO continues to be expected from mid-2022.  

 

  The properties upon which the mine and mill are situated in the U.S. National Forest lands managed by United States Forest Service (the "   USFS   ").  Jervois controls 100 percent of the unpatented mining claims over this land, consisting of 313 unpatented lode mining claims.  All activities at ICO adhere to the USFS and Environmental Protection Agency requirements. The site is environmentally permitted with an approved Plan of Operations.  

 

  Prior to initiating final   construction, Jervois commissioned DRA Global and its sub-consultants, M3 Engineering ("   M3   "), to prepare an updated Australian JORC Code 2012 Edition Bankable Feasibility Study ("BFS") and Canadian National Instrument 43-101 Feasibility Study on ICO, the results of which were announced on 29 September 2020.  

 

  The detailed design package of work has been progressing well with M3 Engineering.  Equipment orders have been placed on long lead items including the primary crusher and feeder, SAG mill, variable speed drives, flotation cells and blowers.  In addition to long lead items, other equipment such as electrical reticulation and MCC housing, cyclones, concentrate foundations, belt magnets and scales have also been ordered.  Enquiries for thickeners and disc filters are currently in the market.  Commitments are on schedule with no significant price difference between pricing from the BFS and actual market pricing received to date.  All orders are in line with the execution schedule which shows all equipment will be on site by November 2021 for construction execution.  

 

  The site early works package of work has progressed well and has started with mobilisation of local contractors to assist in the final assembly of the water treatment plant on site.  The M3 construction manager is now on site and supervises all site activity which will progressively increase as the schedule dictates in coming weeks and months.  The early works focus is to finalise site establishment during summer so construction of the process   plant and the mining of the portal and development can take place in the North American winter.  Activities include the commissioning of the water treatment plant and pump back system, laying of concrete foundations, erection of the mill and flotation buildings, the laying of a HDPE liner for the dry stack tailings facility and the construction of an accommodation camp.  All these activities which will be executed through summer and completed by end Q3 2021.  

 

  Jervois has developed detailed plans to operate ICO in an environmentally responsible manner.  

 

  Demonstration by Jervois of its ability to construct and operate safely for the environment, together with necessary drilling success once underground access has been opened (to both convert existing and future mineral resources into mine reserves) are expected to positively support discussions with the USFS and other U.S. regulators regarding a future expansion utilizing the currently disturbed site footprint.  

 

  Jervois has awarded Metso Outotec the design, fabrication and delivery contract for a 4.7m diameter and 2.5m-long 750kW SAG (semi-autonomous grinding) mill.  The mill will comfortably accommodate the nameplate 1,200stpd processing capacity cap applied in the ICO BFS, which is based on the Company's currently approved Plan of Operations.  Delivery of the Metso Outotec SAG mill to site in Idaho is planned and on schedule for Q4 2021.  

 

  Site early works are well underway, with full construction to commence on the ground in September 2021.  ICO will create approximately 200 local construction jobs and 180 operational positions once the site transitions into commercial operation.  

 

  Site early works include:  

 
  •  

      - Limited remaining earthworks and concrete design and execution;  

     

      - High density polyethylene lining installation on the waste storage facility base;  

     

      - Commissioning of the wastewater treatment plant;  

     

      - Constructing and commissioning of a pump back system;  

     

      - Constructing an accommodation camp (a 100 person camp has been purchased from a local vendor in Boise, Idaho);  

     

      - Bolting and meshing of the portal and extension earthworks of the portal bench; and  

     

      - Erecting buildings which will allow construction to continue over winter.  

     
  •  

  All these activities have been designed and are in various stages of execution on the site.  

 

  The mine site is equipped with all required infrastructure including access roads from both Salmon and Challis, full grid power (at less than U.S. 5 cents per kwh; Idaho Power has   offered ICO 100% renewable power from 2023, the first full year of mine and mill operation), a bore field for water supply, communications and all site earthworks and terracing, as illustrated in the following site overhead photograph.  

 

  Final construction of ICO will include developing an underground mine over a period of 10 months starting in September 2021, which is scheduled to deliver first ore to an operational mill in July 2022.  Development of the mine is being executed by Small Mine Development ("   SMD   "), based in Battle Mountain, Nevada.  SMD also participated in the mine design and costing for the updated BFS.  

 

  Idaho State Tax Reimbursement Incentive  

 

  Jervois received approval for the Idaho Tax Reimbursement Incentive ("   TRI   ") for ICO.  

 

  The Idaho TRI aims to encourage businesses to invest in the state.  It is a policy tool selectively applied by the State of Idaho to attract and grow new businesses of scale and significance to the economy, such as Jervois.  Program eligibility is determined based on capital investment thresholds, the level and quality of job creation together with positive economic impacts, both locally and more broadly across the state of Idaho.  

 

  To receive the TRI, Jervois will create 164 new jobs in Idaho at an average wage of above the Lemhi County average.  The award of the TRI to Jervois recognizes the approximately US$100 million of investment thus far into the mine site over more than a decade by its local subsidiary, Jervois Mining USA.  

 

  For Jervois, Idaho boasts a skilled workforce, strong infrastructure and competitive low carbon energy costs.  

 

  Positive engagement with host communities and local stakeholders is critical for Jervois, wherever it operates.  This arrangement was originally recommended by Lemhi County, in which ICO is located, and was recently unanimously approved by the Idaho Economic Advisory Council.  Jervois is pleased with the partnership between Lemhi County and the State of Idaho, and believes it reflects positively on the Company's standing in Idaho and its relationship with residents and governmental authorities, both across the state and specifically in Lemhi County.  

 

  Jervois and Idaho Conservation League initiate Upper Salmon Basin Restoration Projects  

 

  In June 2021, the Company and the Idaho Conservation League ("   ICL   ") confirmed the selection of three initial restoration projects as part of the Upper Salmon Conservation Action Program's ("   USCAP   ") inaugural round.  Following the request for proposals in the spring, the USCAP funding committee selected three proposals totalling US$150,000 from a competitive pool of applicants.  

 

  The USCAP was created in partnership with ICL and Jervois in March 2021 to support protection and restoration of fish and wildlife habitats including water quality, and   biodiversity within the Upper Salmon River Basin.  Jervois will contribute US$150,000 annually to USCAP throughout the operational life of ICO in Lemhi County, Idaho.  

 

  The Lemhi Soil and Water Conservation District received US$85,000 to move a problematic diversion on the Lemhi River to advance an extensive fish habitat restoration project.  This area has been identified as critical habitat for juvenile Chinook salmon and steelhead.  

 

  The USCAP selected White Clouds Preserve for US$35,000 in funding to conduct riparian restoration work.  The non-profit manages a 432-acre former ranch along the East Fork of the Salmon River.  Endangered Species Act-listed Chinook salmon, steelhead and bull trout spawn and rear their young in the East Fork.  The grant will be implemented in collaboration with the Shoeshone-Bannock tribes and local native plant experts, to enable the White Clouds Preserve to monitor and restore critical salmon and steelhead populations along the East Fork, near its confluence with the Main Salmon River.  

 

  The Western Rivers Conservancy received US$30,000 to assist with acquiring a key parcel of land along Panther Creek, a major tributary of the Salmon River.  This action is an important step in the recovery of spawning and rearing habitat for endangered fish.  The next call for proposals for the 2022 USCAP funding cycle will be announced in Q4 2021.  

 

  São Miguel Paulista ("SMP") nickel and cobalt refinery, Brazil  

 

  In April 2021, the Company announced it had appointed Ausenco as BFS lead contractor for São Miguel Paulista ("   SMP   ") nickel and cobalt refinery in Brazil.  Ausenco subsequently engaged Metso Outotec to lead testwork and piloting to support engineering and equipment selection.  The introduction of Metso Outotec as subcontractor for the processing component of the BFS creates an exceptionally strong and capable team.  Metso Outotec was the original designer and engineering lead during construction of the SMP refinery.  

 

  The SMP BFS will be delivered in stages, with Metso Outotec playing a key role in both phases.  

 

  Stage 1 is a measured restart treating hydroxy-carbonate, mixed hydroxide and cobalt hydroxide product previously processed commercially at the refinery to produce over 10,000mtpa and 2,000mtpa of nickel and cobalt refined products respectively.  Prior to being placed on care and maintenance, SMP's annual refined production capacity for these products was 25,000mtpa nickel and 2,000mtpa cobalt.  BFS for Stage 1 of the restart will be completed by the end of Q3 2021.  

 

  Promon Engenharia ("   Promon   ") prepared detailed plant and refurbishment cost estimates and schedules to support execution of this first phase of the SMP refinery restart.  The outcomes from the Promon integrity audit were used as a guide to the refinery plant and equipment refurbishment.  No major refinery process modifications are anticipated for stage 1.  

 

  Stage 2a allows for the integration of a Pressure Oxidation ("   POX   ") circuit to process both ICO cobalt concentrates, and Stage 2b will add additional third-party supply in the form of sulphide concentrates, with 5,000mtpa of contained nickel.  The POX autoclave circuit will independently leach sulphide concentrates that will be discharged into the existing, operating refinery.  Stage 2a and 2b of the BFS are forecast to be completed at the end of 2021.  

 

  Metso Outotec's role as subcontractor will support Ausenco as lead engineer and ensure Outotec's historical involvement in SMP's original design criteria, and more recent organizational POX project experience through to battery grade metals, will be leveraged to fast track the refinery restart and manage risk.  Whilst the headline capacity of SMP remains significantly above Jervois's Stage 2 restart scale, a measured approach is intended to balance restart risk and upfront capital.  

 

  Jervois announced its acquisition of the SMP refinery last year as part of its strategy to become a vertically integrated producer of nickel and cobalt.  The transaction provides Jervois with site access during 2021 to complete the BFS, with closing subject to the satisfaction of usual conditions, expected to be completed by December 2021.  

 

  The acquisition and restart of SMP will transform Jervois into a vertically integrated producer when its 100%-owned ICO mine in the U.S. starts production, anticipated from mid-2022.  

 

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

 

  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.  

 

  NON-CORE ASSETS  

 

  Jervois's non-core assets are summarized on the Company's website.  

 

  Jervois has initiated a partnering process for its Ugandan exploration portfolio.  

 

  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 30 June 2021, 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*  

 
 

  998,250  

 

  1,344,750  

 

  1,179,750  

 

  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 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  

 
 

  5,502,750  

 
 
 
  •  

     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:  

 

  James May  

 

  Chief Financial Officer  

 

  Jervois Mining Limited  

 

   jmay@jervoismining.com.au   

 
 

  Media:  

 

  Nathan Ryan  

 

  NWR Communications  

 

   nathan.ryan@nwrcommunications.com.au   

 

  Mob: +61 420 582 887  

 
 

  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 timing and completion of the Entitlement Offer, timing of completion of the acquisition of Freeport Cobalt, construction work to be undertaken at ICO, timing of production at ICO, preparation of studies on the 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  

 
 

  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  

 
  

  EL1673  

 
 

  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  

 
  

  30 June 2021  

 
 
                                                           
 

  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  

     
  2.  
  
  1.  

      (b)   development  

     
  2.  
 

  -  

 
 

  -  

 
  
  1.  

      (c)   production  

     
  2.  
 

  -  

 
 

  -  

 
  
  1.  

      (d)   staff costs  

     
  2.  
 

  (1,221)  

 
 

  (2,256)  

 
  
  1.  

      (e)   administration and corporate costs  

     
  2.  
 

  (518)  

 
 

  (1,239)  

 
 

  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  

 
 

  62  

 
 

  62  

 
 

  1.8  

 
 

  Other – business development costs  

 
 

  (1,832)  

 
 

  (2,104)  

 
 

  1.9  

 
 

  Net cash from / (used in) operating activities  

 
 

  (3,509)  

 
 

  (5,537)  

 
 
                                                                                                                                           
 
 

  2.  

 
 

  Cash flows from investing activities  

 
 

  -  

 
 

  -  

 
 

  2.1  

 
 

  Payments to acquire or for:  

 
  
  1.  

      (a)   entities  

     
  2.  
  
  1.  

      (b)   tenements  

     
  2.  
 

  -  

 
 

  -  

 
  
  1.  

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

     
  2.  
 

  (3,233)  

 
 

  (4,800)  

 
  
  1.  

      (d)   exploration & evaluation  

     
  2.  
 

  (13)  

 
 

  (53)  

 
  
  1.  

      (e)   investments  

     
  2.  
 

  -  

 
 

  -  

 
  
  1.  

      (f)   other non-current assets  

     
  2.  
 

  -  

 
 

  -  

 
 

  2.2  

 
 

  Proceeds from the disposal of:  

 
 

  -  

 
 

  -  

 
  
  1.  

      (a)   entities  

     
  2.  
  
  1.  

      (b)   tenements  

     
  2.  
 

  -  

 
 

  -  

 
  
  1.  

      (c)   property, plant and equipment  

     
  2.  
 

  25  

 
 

  30  

 
  
  1.  

      (d)   investments  

     
  2.  
 

  -  

 
 

  -  

 
  
  1.  

      (e)   other non-current assets  

     
  2.  
 

  -  

 
 

  -  

 
 

  2.3  

 
 

  Cash flows from loans to other entities  

 
 

  -  

 
 

  -  

 
 

  2.4  

 
 

  Dividends received (see note 3)  

 
 

  -  

 
 

  -  

 
 

  2.5  

 
 

  Other – SMP Refinery Purchase: lease payment  

 
 

  (1,143)  

 
 

  (1,489)  

 
 

  2.6  

 
 

  Net cash from / (used in) investing activities  

 
 

  (4,364)  

 
 

  (6,312)  

 
 
 

  3.  

 
 

  Cash flows from financing activities  

 
 

  -  

 
 

  -  

 
 

  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  

 
 

  -  

 
 

  2,709  

 
 

  3.4  

 
 

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

 
 

  -  

 
 

  -  

 
 

  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  

 
 

  -  

 
 

  2,709  

 
 
 

  4.  

 
 

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

 
  
 

  4.1  

 
 

  Cash and cash equivalents at beginning of period  

 
 

  41,039  

 
 

  42,331  

 
 

  4.2  

 
 

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

 
 

  (3,509)  

 
 

  (5,537)  

 
 

  4.3  

 
 

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

 
 

  (4,364)  

 
 

  (6,312)  

 
 

  4.4  

 
 

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

 
 

  -  

 
 

  2,709  

 
 

  4.5  

 
 

  Effect of movement in exchange rates on cash held  

 
 

  100  

 
 

  75  

 
 

  4.6  

 
 

  Cash and cash equivalents at end of period  

 
 

  33,266  

 
 

  33,266  

 
 
                        
 

  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  

 
 

  33,266  

 
 

  33,266  

 
 

  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)  

 
 

  33,266  

 
 

  33,266  

 
 
          
 

  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  

 
 

  184  

 
 

  6.2  

 
 

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

 
 

  -  

 
 

  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)  

 
 

  -  

 
 

  -  

 
 

  7.4  

 
 

  Total financing facilities  

 
 

  -  

 
 

  -  

 
   
 

  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.  

 
 
 
                                            
 

  8.  

 
 

  Estimated cash available for future operating activities  

 
 

  $A'000  

 
 

  8.1  

 
 

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

 
 

  (3,509)  

 
 

  8.2  

 
 

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

 
 

  (13)  

 
 

  8.3  

 
 

  Total relevant outgoings (item 8.1 + item 8.2)  

 
 

  (3,522)  

 
 

  8.4  

 
 

  Cash and cash equivalents at quarter end (item 4.6)  

 
 

  33,266  

 
 

  8.5  

 
 

  Unused finance facilities available at quarter end (item 7.5)  

 
 

  -  

 
 

  8.6  

 
 

  Total available funding (item 8.4 + item 8.5)  

 
 

  33,266  

 
   
 

  8.7  

 
 

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

 
 

  9.45  

 
 

  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:        30 July 2021  

 

  Authorised by:        Disclosure Committee  

 

  (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.  

 

  NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES  

 

Copyright (c) 2021 TheNewswire - All rights reserved.

 

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Electra Secures Federal Support for North America’s Only Cobalt Sulfate Refinery

Electra Battery Materials (TSXV:ELBM,NASDAQ:ELBM) announced on March 21 that it has received a letter of intent from the Canadian government for C$20 million in proposed funding.

The money would support the construction and commissioning of North America’s first battery-grade cobalt refinery, a critical step toward strengthening the region’s electric vehicle (EV) supply chain.

The refinery, located in Temiskaming Shores, Ontario, is set to produce 6,500 metric tons of cobalt sulfate annually, enabling domestic production of up to 1 million EVs per year. According to Electra, it would be a key step in reducing North America's dependence on China, which currently refines approximately 90 percent of the world’s cobalt.

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Top 5 Canadian Cobalt Stocks of 2025

Cobalt prices have been in a steady state of decline for much of the past few years as the market has remained constrained by excess supply and eroding demand.

The sluggish market conditions were attributed to reduced demand from the battery sector and oversupply of material. As a result, prices remained under pressure, with limited signs of improvement expected in the near term.

Cobalt prices continued to face many headwinds at the beginning of 2025. The multi-year supply glut and the growing transition to cobalt-free electric vehicle battery chemistries pulled the value of the battery metal down to US$21,550 per metric ton on February 10, a low not seen for more than a decade.

However, the world's leading cobalt producing country, the Democratic Republic of Congo (DRC) placed a four-month ban on cobalt exports on February 22 in an effort to boost prices. As the DRC is responsible for more than 70 percent of global cobalt production, this of course sent prices for the battery metal soaring to a yearly high of US$36,170 per metric ton as of March 17.

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