Cobalt

(TheNewswire)

Jervois Global Limited

29 October 2021 (Australia) TheNewswire - ASXTSX-V: JRV OTC: JRVMF

Jervois Global Limited

ACN: 007 626 575

ASX/TSXV: JRV

OTCQB: JRVMF

Corporate Information:

1,515.1M Ordinary Shares

93.1M Options

0.4M Performance Rights

Non-Executive Chairman

Peter Johnston

CEO and Executive Director

Bryce Crocker

Non-Executive Directors

Brian Kennedy
Michael Callahan

David Issroff

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

· US$192 million [1] acquisition of Freeport Cobalt, a leading cobalt business in Kokkola, Finland, completed on 1 September 2021; transaction underpinned by A$313 million equity raise.

· Freeport Cobalt (now Jervois Finland) proforma YTD and Q3 EBITDA at US$15.0 million and US$6.8 million respectively; US$1.6 million EBITDA in first month under Jervois ownership.

· Jervois Finland proforma EBITDA guidance for full year 2021 remains ≥ US$20.0 million. [2]

· Jervois advances construction of its Idaho Cobalt Operations ("ICO"); underground development has commenced following first blast of west portal on 15 October.

· Jervois expanded São Miguel Paulista ("SMP") Bankable Feasibility Study ("BFS") scope to restart the refinery in an integrated single stage; BFS due end Q1 2022.

· First drawdown of 50% of the US$100 million Bond Offering proceeds for ICO development anticipated in Q4 2021.

· US$75 million standby working capital facility secured with Mercuria, providing Jervois with incremental flexibility.

· Jervois appointed Mr. David Issroff, formerly a founding partner at Glencore, a Non-Executive Director.

· Jervois ends September 2021 quarter with A$43.3 million in unrestricted and unescrowed cash (US$31.2 million).

Jervois Finland

Acquisition and Business Integration

On 2 September 2021, Jervois confirmed it had closed its acquisition of 100% of Freeport Cobalt (renamed Jervois Finland) by purchasing all the shares of Freeport Cobalt Oy and four affiliated entities from Koboltti Chemicals Holdings Limited (" KCHL ") (the "Acquisition").

Jervois Global welcomed its new colleagues in the executive team and all operational employees at Kokkola.  Detailed integration planning and execution is underway across commercial (including purchasing, sales, working capital and risk management), information technology, finance, environment and sustainability, governance and technical services.  Utilisation of Jervois Finland technical expertise and input as it pertains to battery chemicals including sulphates is underway with a specific focus on the restart plans for the SMP nickel-cobalt refinery in Brazil.

Sales and Marketing

The proforma third quarter revenue was US$76.9 million representing cobalt sales volume of 1,415 metric tonnes.  This was the strongest quarter for 2021 due to a combination of positive cobalt price momentum and strong sales volumes.  Of this, US$25.3 million was under the ownership of Jervois during September.  The proforma year to date (" YTD " ) revenue was US$199.7 million based on cobalt sales volume of 3,983 metric tonnes.  Production for the year to date is broadly in line with sales volumes.

The current outlook into Q4 and calendar 2022 is positive, with Jervois seeing strong demand across its industrial customers in each of Europe, the United States and Japan.  The contracting season is currently underway with a robust outlook in key market segments based on Jervois's customer feedback on their own sales projections, as global recovery from the Covid-19 pandemic gains momentum.  Jervois is witnessing increasing concern from traditional users of cobalt regarding the potential shift of units into rising battery demand.

Chemicals, Catalysts and Ceramics

· Consumption strong in chemicals segments, 2022 forecast +5% growth versus 2021.

· Improving outlook in catalyst segment after delayed catalyst changeouts and softer consumption in refinery catalysts in 2021.  Catalyst recycling business stable.

· Pigment production recovering from Covid-19 slowdown in parallel with ceramic tile production growth; strong outlook for 2022 with key accounts signalling growth in cobalt oxide requirements.

Powder Metallurgy

· Aerospace recovery has commenced; pace of automotive recovery less certain due to lack of semiconductors which continues to impact the sector.

· Mining and associated service providers experienced strong growth associated with a robust commodity price environment particularly in base metals.

· Across Jervois's global sales book into powder metallurgy, modest growth expected in 2022 matched to pace of recovery in end-use markets.

Batteries

· Demand for electric vehicle batteries continues to expand; demand growth for cobalt chemicals resilient in context of evolving battery cathode chemistries.

· Lithium ion battery prices impacted by rising commodity and component costs .

· Cobalt sulphate producers pursuing premium increases to increased feed stock costs, and offset production and freight cost inflation.

Financial Performance

Jervois Finland Proforma EBITDA was US$15.0 million and US$6.8 million YTD and 3Q 2021 respectively; this included US$1.6 million for September, which was adversely affected by the timing impact of higher current feedstock cost and lag in increased sales prices in a rising cobalt price environment.

Revenue performance continues to strengthen in line with higher cobalt prices (Figures 1 and 2).  The cobalt hydroxide payable indicator is stable but at historically elevated levels.

Full year 2021 proforma EBITDA guidance of ≥ US$20 million is reconfirmed, underpinned by a forecast average US$25.00 per lb Fastmarkets Metal Bulletin (" MB " ) Standard Grade (" SG " ) cobalt price assumption for Q4 2021. [3] The current Fastmarkets MB SG cobalt price is US$27.10 to US$27.65 per lb.

Figure 1: Jervois Finland Financial Metrics and Market Price Indicators

Jervois Finland net working capital closed the quarter at US$94 million.  Investment in working capital is a key enabler of the business and rose across 2021 due to rising cobalt prices.

As announced on 29 October 2021, Jervois Finland has entered into a secured US$75 million standby working capital facility with Mercuria Energy Trading SA (" Mercuria " ) (the " Facility " ). The Facility will provide flexibility and headroom to fund working capital in higher cobalt price environments.  Initial draw down is anticipated to occur in November 2021.

Idaho Cobalt Operations ("ICO"), United States

Jervois has committed more than US$33.4 million of the total capital expenditure budget of US$92.6 million and more than 40 percent of all equipment and material for the project has been ordered.  As part of the current construction cycle at site (more than US$100 million historically has been invested during prior work seasons), preparatory works commenced in Q2 2021, with the installation of equipment required to commission the water treatment plant (" WTP " ), civil and concreting works for the fine ore bin installation, mill and flotation buildings erection, relining of the dry stack tailings facility, installation of the water pump back system and preparation of the portal bench including bolting and meshing of the slope above the proposed portal.

Great Basin Industrial, a local contractor, has been working with Jervois and M3 Engineering (" M3 " ) on the completion of the Veolia designed WTP.  Commissioning of the WTP started in September 2021, and is now water commissioned.  Final punch list items for operation will be completed during Q4 2021.

Local Idaho company Scarrow Excavation has completed a portal bench extension and associated road network from the portal.  It has also commenced the installation of the water pump back system from the portal to the process plant water distribution manifold and WTP.

Western United States construction company Capra Group (" Capra " ) has been active on site since late July 2021, commencing concrete and civil work for the mill and flotation building and civils for the fine ore bin.  Capra has completed the concrete walls for the mill building and will finalise concrete walls for the flotation building in Q4 2021.  The erection of the mill building has commenced and both the mill and concentrator buildings will be erected in Q4 2021, which will then allow indoor construction to continue through winter.

Northwest Linings and Geotextile Products, Inc. has completed the laying of a high-density polyethylene (" HDPE " ) liner on the dry stack tailings facility which will be used to temporarily store mine waste rock during mine development and mill dry stack tailings during operation when paste fill is not required.  This liner installation has been certified to meet all standards required for a HDPE liner installation by geotechnical engineering company Newfields.

Small Mine Development (" SMD " ) has opened the west portal and will commence development at the east portal in Q4 2021.  SMD anticipates reaching first ore in Q1 2022.

Jervois has ordered all long lead items for the process plant, including SAG mill, flotation cells, thickener, camp, transformers, and an on-line analyser.  The SAG mill shell is currently in transit from Brazil and is expected to be delivered to site in December 2021.

Delivery of initial modules of the accommodation camp has been delayed into early Q1 2022, with full operations of the camp including kitchen and utilities now not expected until later in the quarter.

Certain key capital goods, specifically SAG mill parts to be shipped from Turkey, have also experienced logistical delays in anticipated delivery time to site.  Jervois is currently reviewing and integrating the impact of these events with EPCM M3 and expect to have an updated construction schedule shortly.  Given the absence of a camp at least across December and January, final commissioning date will increasingly be influenced by weather conditions over the coming winter construction season, with safety of the workforce being prioritized.

The opening of the west portal is a historic step toward security of supply of cobalt for the United States and its allies.  The Biden Administration recently discussed the perilous situation faced by the United States related to cobalt in its high-profile review of supply chain vulnerabilities.  When ICO goes into production in 2022, it will mark the first time in decades that America will have a primary cobalt mine within its borders.  Jervois looks forward to continuing its work with the political leadership of the United States, particularly with Governor Brad Little, the Idaho congressional delegation, and the Biden Administration. Jervois Global is committed to building an ethical, sustainable and secure Western alternative to the current Chinese-dominated cobalt supply chain, and to working with its diverse customer base across a wide range of key strategic industries in the United States, Europe and Japan.

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

In September Jervois announced that the Bankable Feasibility Study (" BFS " ) scope of work for the São Miguel Paulista (" SMP " ) nickel cobalt refinery in São Paulo, Brazil was to be expanded to include a significant increase in the forecast pressure oxygen (" POX " ) leach circuit capacity.

The expanded BFS, led by Ausenco, will leverage the technical expertise the Company has gained through its acquisition of Jervois Finland, to include a dedicated crystalliser circuit for the production of nickel sulphate crystals, a premium product able to be delivered to both the plating and battery industries.

Nickel sulphate is trading at a significant premium to metal, a trend that Jervois' commercial team expects to continue due to the volume of nickel sulphate forecast to be derived from metal dissolution to satisfy global demand growth in battery markets.

Importantly a larger POX offers greater feed flexibility, as in addition to sulphide concentrates, the autoclave circuit will be able to process mixed sulphides, mattes, hydroxide products, material from lithium ion batteries known as "black mass" and other recycled materials.  The expanded POX circuit will unlock sunk capital at SMP and enhance the operating flexibility and commercial value of the refinery.

This switch will be linked to restarting SMP at or close to its prior capacity, of 25,000 metric tonnes of nickel and 2,500 metric tonnes of cobalt.  As a result the restart of SMP, and the associated Ausenco study release, will no longer be staged.  Due to the flowsheet change the completed Ausenco BFS is expected to be delivered by end Q1 2022.

Jervois remains confident in the attractiveness of restarting SMP, and that a larger, less staggered restart is the correct commercial approach given the Company's increased scale and market presence following its acquisition of Freeport Cobalt (now rebranded Jervois Finland).

Jervois currently holds a lease over SMP providing it access to undertake the BFS on a potential restart of the facility.  Jervois has agreed with Companhia Brasileira de Alumínio (" CBA " ) (an investee company of Votorantim) to extend the outside date of closing of Jervois' acquisition of SMP from 31 December 2021 to 31 March 2022, however the R$1.5 million [4] monthly lease charge will cease from the start of January 2022.

Closing of the SMP refinery acquisition by Jervois is subject to several conditions precedent, including renewal of the São Paulo City Hall operating permit.  CBA is complying with necessary legal procedures for renewal, and an updated license is expected to be received during 2021.  Jervois' existing early termination option under the transaction sale and purchase agreement will also be extended to 31 December 2021.

The cash purchase price of R$125.0 million [5] payable in tranches conditional upon permitting, restart BFS outcomes and future production thresholds – except for a R$15 million initial payment in December 2020 – remains payable in stages to June 2023. The next acquisition payment payable by Jervois will be R$47.5 million cash [6] on Closing.

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

The Company is continuing discussions on a suitable ownership structure and marketing strategy to secure a partner to advance into BFS.

Corporate Activities

Liquidity

Jervois ended the September 2021 quarter with A$43.3 million (US$31.2 million) in cash (excluding restricted cash associated with the US$100 million ICO Senior Secured Bond).

As announced concurrent with this quarterly, Jervois Finland Oy, along with its parent Jervois Suomi Holding Oy (together the " Borrowers ") has entered into a working capital facility with Mercuria (the " Lender ").  Jervois Finland's facility with Mercuria is for an initial commitment of US$75 million with a maturity date of 31 December 2024.  There is an Accordion mechanism to accommodate additional borrowing capacity of US$75 million, which would take the overall standby working capital facility to US$150 million.

Terms for the Accordion have been negotiated and it remains uncommitted until notice is provided by Jervois, and certain conditions have been satisfied including Lender consent.  Until the Accordion is converted into a committed facility, Jervois Finland will pay no associated fees.  Under the facility, the Borrowers can draw to the lower of the maximum amount or 80 per cent of the collateral value, where collateral is defined as the value of Jervois Finland's inventory and receivables, calculated monthly.

The facility is secured against the shares in Jervois Finland and its assets and is guaranteed by Jervois Global.  A maximum of US$50 million is permitted to be transferred out of the Jervois Finland group of companies, for other general purposes in the Jervois Global group.

At the time of closing the acquisition of Jervois Finland on 1 September 2021, Jervois Finland had US$98 million net working capital on its balance sheet, approximately US$23 million more than US$75 million ‘target' working capital communicated in the ASX announcement, Jervois to acquire Freeport Cobalt for US$160 million (27 July 2021).  Working capital levels fluctuate according to the cobalt market price environment, and other factors.

Jervois expects to utilize the facility to fund working capital levels more than the US$75 million ‘target'.  The committed facility amount provides headroom to fund working capital in a higher cobalt price environment.

Due to current cobalt prices and buoyant market expectations, Jervois expects initial utilisation of US$32.5 million to occur in November 2021, subject to satisfaction of customary conditions precedent including those related to execution of security documentation over the assets of Jervois Finland.  Jervois will use proceeds to fund higher working capital levels at Jervois Finland should market prices increase, and where required for funding of the Group's development activities, including the R$47.5 million [7] cash acquisition payment for SMP nickel cobalt refinery that Jervois expects to fall due in the first quarter of 2022 in line with the anticipated closing.

Equity Financing

During the quarter Jervois raised approximately A$313 million in equity via the issuance of new fully paid ordinary shares, associated with the acquisition of Freeport Cobalt (the " Offer ").

Jervois applied proceeds from the Offer to fund the acquisition of Freeport Cobalt, for ICO development expenditure and for general corporate purposes, including advancement of the BFS at the SMP nickel cobalt refinery in Brazil.

Jervois insiders and principals contributed A$3.57 million to the Offer, which included A$1.0 million from Mr. David Issroff, who Jervois appointed to its Board following completion of its acquisition of Freeport Cobalt.

Existing substantial shareholder AustralianSuper Pty Limited invested an additional A$73.9 million in the Offer to support the acquisition of Freeport Cobalt and advancement of both ICO and SMP.

As part of the Offer, Mercuria, one of the world's largest integrated energy and commodities companies with approximately US$100 billion annual turnover, acquired a significant equity position in the Company, via the investment of A$45.7 million.  Mercuria and Jervois agreed to work together to advance their commercial footprint in nickel and cobalt markets, with the US$75 million standby working capital facility with Jervois Finland announced concurrent with this release, the initial step in this relationship.

First Drawdown of Bond Offering

The first of two (2) drawdowns of 50% of the US$100 million Bond Offering proceeds from the escrow account continues to be anticipated in Q4 2021, following satisfaction of the conditions precedent to withdrawal, as outlined in the company announcement on 5 July 2021, which include inter alia Jervois spending US$35 million toward the ICO project.

RPM Global, the independent engineer engaged by the Bond Trustee, visited ICO in September 2021.  The purpose of the visit was to gather information for the Cost-to-Complete Test, one of conditions precedent to withdrawal from the escrow account, and in accordance with the Bond Terms.

Environmental, Social, Governance and Compliance

In light of closing of the Freeport Cobalt acquisition (now Jervois Finland), an area of emphasis in Q3 2021 included review and integration of ESG systems and processes. Jervois Finland was the first cobalt chemical producer in the world to achieve Responsible Minerals Initiative (" RMI " ) Conformant Downstream Facility status and support for ethical sourcing practices continues to be a high priority.  Actions were therefore prioritized to ensure continued conformance with OECD Due Diligence for Responsible Minerals Supply Chains.  This included transparent communications with upstream suppliers and customers, formal registration of changes with RMI and by providing required disclosures and links to the RMI grievance mechanism through the launching of the Jervois Finland website ( www.jervoisfinland.com ).  In conjunction with this, selected policies and procedures, including Jervois' Supplier Standard, were rolled out across the expanded organisation.

Jervois Finland has a mature ESG framework and, in conjunction with the integration process, progress was made towards formalizing inter-operation communications and collaboration on ESG between Jervois's operating sites in Finland, the United States and Brazil.  This was reinforced by formation of an internal Climate Action Working Group. which aims to advance and formalize Jervois' climate strategies and commitments in 2022.  Building on Jervois' climate efforts reported in previous quarters, Jervois Finland brings substantial depth in climate responsiveness.  Efforts range from operational actions to improve energy efficiency and reduce waste and water consumption to tangible progress in cobalt recycling to considerable research and development aiming to increase contribution to the circular economy and participation in the "Towards carbon neutral metals (TOCANEM)" program in co-operation with Business Finland, among others.

In conjunction with the Company's broader approach to ESG, Jervois has increased its engagement in various initiatives and associations, including the Cobalt Institute's Responsible Sourcing and Sustainability Committee (" RESSCOM "), leadership roles in its Cobalt REACH Consortium and engagement in the United States Zero Emission Transportation Association (" ZETA ") , of which the Company is a founding member alongside industry leaders such as Tesla, Albemarle and Livent.

Director and Management Updates

Jervois appointed Mr. David Issroff as a Non-Executive Director effective 3 September 2021 following the completion of the acquisition of Freeport Cobalt, as foreshadowed last quarter.

Jervois Finland leadership carried across from the Freeport Cobalt acquisition, with the appointment following closing of Mr. Sami Kallioinen (President and Managing Director), Ms. Pia Lehtonen (Financial Controller), Dr. Thomas Slotte (Director – Plant Support and Administration), Mr. Juha Järvi (Director – Technical Services), Mr. Jeff Blazek (Global Business Manager – Powder Metallurgy) and Mr. Mike Lacis (Global Business Manager – Chemicals, Catalysts and Ceramic).

During the quarter former Xstrata plc executive Mr. Ian Woolsey joined the Company as Group Manager – Information Technology (" IT ").  Mr. Woolsey joins after more than a decade with Glencore and Xstrata where he led the IT integration of major cross-border transactions including the Xstrata acquisition of MIM Holdings and Falconbridge, together with the Glencore-Xstrata merger.  Mr. Woolsey will lead the IT integration of Jervois Finland, ICO and SMP as the appropriate systems, governance and controls are rolled out across the expanded group to reflect its maturity as an operating business of scale.

Domestic border restrictions inconsistent with rules applying elsewhere in the world at this advanced stage in the Covid-19 pandemic, continue to affect the viability of Australian based companies to successfully operate and compete on a global scale.  During the quarter Jervois's Chief Executive Officer, Mr. Bryce Crocker, relocated from Australia in order to continue managing the businesses effectively.  Mr. Michael Rodriguez, Group Manager – Technical Services, will temporarily relocate from Western Australia to the Americas in early 2022 in order to continue his leadership of the SMP BFS and to work closely with each of Ausenco, the executive team in Jervois Brazil and the operating team at SMP whom will become Jervois employees upon envisaged closing of the acquisition by the end of Q1 2022.

Mr. David Selfe, Group Manager – Geology, has decided to leave the Company to pursue an alternate career opportunity within Western Australia.  Many of Jervois's Directors and Management have worked with Mr. Selfe for nearly 25 years, since the early days of Murrin Murrin, Glencore's nickel-cobalt facility in Western Australia, and we wish him well.

Exploration and Development Expenditure

No material cash expenditure on exploration and development was incurred during the quarter.  Activities at ICO are now classified as Assets Under Construction and incurred cash expenditure of US$7.7 million (A$10.7 million) in the quarter.

In Brazil, Jervois' lease payment for the SMP Refinery was R$4.5 million (A$1.2 million) for the quarter (R$1.5 million per month) and will continue for Q4 2021.  Brazilian development cash expenditure excluding the lease payment, namely the SMP BFS and associated metallurgical testwork, totalled R$5.3 million (A$1.4 million) during the quarter.

Company Name Change

Effective 3 September 2021, the company name changed from Jervois Mining Limited to Jervois Global Limited following shareholder approval on 29 July 2021.  There was no change to the ASX or TSX-V code for Jervois, which remained JRV, and there was no change to the International Securities Identification Number which remained s AU000000JRV4.

NON-CORE ASSETS

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

Insider Compensation Reporting

During the quarter, A$0.1 million was paid to Non-Executive Directors and A$0.1 million was paid to the CEO (Executive Director).

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 September 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:

891,000

eCobalt options remaining*

1,344,750

1,179,750

1,980,000

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 1 October 2023 at C$0.53 each

4,504,500

* 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

BASIS OF PREPARATION OF FINANCIAL INFORMATION

Historical financial information for Jervois Finland is based on unaudited financial statements that have been prepared in accordance with US GAAP and accounting principles applied under its ownership by Freeport McMoRan Inc, prior to the acquisition by Jervois Global on 1 September 2021.  A review of Jervois Finland's financial reporting practices is in progress.  The purpose of the review is to align Jervois Finland to the Jervois group accounting policies which conform with Australian Accounting Standards (" AASBs ") and International Financial Reporting Standards (" IFRS ").  Based on the current status, Jervois does not expect that this review will give rise to material adjustments, however changes to financial information could occur once the review is finalised in the fourth quarter of 2021.

EBITDA for historical periods is presented as net income after adding back tax, interest, depreciation, other income, and extraordinary items and is a non-IFRS/non-GAAP measure.

The Jervois Finland financial results for the period post-acquisition are consolidated into the Jervois Global consolidated financial statements.  Financial information presented for the period prior to acquisition by Jervois Global on 1 September 2021 is presented on a proforma basis for illustrative purposes only.

The Jervois Finland 2021 Forecast consists of unaudited results for January to September, plus forecast results for October to December.  The forecast period includes an assumption of a forecast quoted Fastmarkets MB SG cobalt price of US$25/lb.  Other forecast assumptions, including production, sales plans, costs and exchange rates are based on Jervois' internal estimates.

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 future EBITDA for the group, operations at Jervois Finland, construction work to be undertaken at ICO, timing of production at ICO, preparation of studies on the SMP refinery, utilisation of  the working capital facility, drawdown of the ICO Bond, 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.

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.

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

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 Global Limited

ABN

Quarter ended ("current quarter")

52 007 626 575

30 September 2021

Consolidated statement of cash flows

Current quarter
$A'000

Year to date

(9 months)

$A'000

1.

Cash flows from operating activities

31,042

31,042

1.1

Receipts from customers 1

1.2

Payments for

-

-

(a) exploration & evaluation

(b) development

-

-

(c) production 1

(24,777)

(24,777)

(d) staff costs

(2,238)

(4,494)

(e) administration and corporate costs

(1,283)

(2,522)

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

(86)

(86)

1.7

Government grants and tax incentives

-

62

1.8

Other – incl. business development costs and SMP BFS costs

(3,395)

(5,499)

1.9

Net cash from / (used in) operating activities

(737)

(6,274)

2.

Cash flows from investing activities

-

-

2.1

Payments to acquire or for:

(a) entities

(b) tenements

-

-

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

(11,142)

(15,942)

(d) exploration & evaluation

(22)

(75)

(e) acquisition of subsidiaries

(208,506)

(208,506)

(f) other non-current assets

-

-

2.2

Proceeds from the disposal of:

-

-

(a) entities

(b) tenements

-

-

(c) property, plant and equipment

28

58

(d) investments

-

-

(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: lease payment

(1,160)

(2,649)

2.6

Net cash from / (used in) investing activities

(220,802)

(227,114)

3.

Cash flows from financing activities

266,449

266,449

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

254

2,963

3.4

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

(9,704)

(9,704)

3.5

Proceeds from borrowings

-

-

3.6

Repayment of borrowings

-

-

3.7

Transaction costs related to loans and borrowings

(3,756)

(3,756)

3.8

Dividends paid

-

-

3.9

Other – restricted cash 2

(21,465)

(21,465)

3.10

Net cash from / (used in) financing activities

231,778

234,487

4.

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

4.1

Cash and cash equivalents at beginning of period

33,266

42,331

4.2

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

(737)

(6,274)

4.3

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

(220,802)

(227,114)

4.4

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

231,778

234,487

4.5

Effect of movement in exchange rates on cash held

(256)

(181)

4.6

Cash and cash equivalents at end of period

43,249

43,249

1. On 1 September 2021, the Company closed its acquisition of 100% of Freeport Cobalt by purchasing all the shares of Freeport Cobalt Oy and four affiliated entities from Koboltti Chemicals Holdings Limited. As such, Item 1.1 and Item 1.2(c) above represent receipts and payments for the one-month period ending 30 September 2021, being the period under which the acquired business was under the Company's control.

2. During July 2021, the Company completed settlement of a US$100.0 million senior secured bond facility. Upon settlement, US$15.5 million (which includes prepaid interest of US$12.5 million) was deposited into an escrow account pursuant to the terms and conditions of the bond and classified as "restricted cash" whilst these funds remain in this escrow account.

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

43,249

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)

43,249

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

217

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 1

138,651

-

7.2

Credit standby arrangements

-

-

7.3

Other

-

-

7.4

Total financing facilities

138,651

-

7.5

Unused financing facilities available at quarter end

138,651

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.

1. Bond Facility – US$100.0 million:

On 20 July 2021 the Company completed settlement of a US$100.0 million senior secured bond facility. The bonds were issued by the Company's wholly owned subsidiary, Jervois Mining USA Limited, and are administered by the bond trustee, Nordic Trustee AS.

Key terms:

· Issuer: Jervois Mining USA Limited (wholly owned subsidiary of the Company).

· 5-year tenor with a maturity date of 20 July 2026.

· Original issue discount of 2%.

· Coupon rate of 12.5% per annum with interest payable bi-annually.

· No amortisation – bullet payment on maturity.

· Non-callable for 3 years, after which callable at par plus 62.5% of coupon, declining rateably to par in year 5.

· Transaction security: First priority security over all material assets of the Issuer, pledge of all the shares of the Issuer, intercompany loans.

8.

Estimated cash available for future operating activities

$A'000

8.1

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

(737)

8.2

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

(22)

8.3

Total relevant outgoings (item 8.1 + item 8.2)

(759)

8.4

Cash and cash equivalents at quarter end (item 4.6)

43,249

8.5

Unused finance facilities available at quarter end (item 7.5)

138,651

8.6

Total available funding (item 8.4 + item 8.5)

181,900

8.7

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

239.66

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: N/A

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: N/A

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: N/A

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 October 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.

[1] US$192 million is subject to post closing adjustments and excludes cash

[2] Based proforma result for nine months to September 2021, and projection for Q4 2021 (forecast assumes US$25/lb Metal Bulletin SG cobalt price in Q4 2021)

[3] Information on the basis of preparation for the financial information included in this Quarterly Activities report is set out on page 13 below.

[4] Equivalent to US$0.28 million at current USD/BRL exchange rate of 5.35

[5] Equivalent to US$23.4 million at current USD/BRL exchange rate of 5.35.

[6] Equivalent to US$8.9 million at current USD/BRL exchange rate of 5.35

[7] Equivalent to US$8.9 million at USD/BRL exchange rate of 5.35

Copyright (c) 2021 TheNewswire - All rights reserved.

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