Jervois Global Limited

JRV

AU000000JRV4

Specialty Mining & Metals

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05-09	Jervois Global Waives Financial Covenants on $100 Million 12.5% Bonds Until July	MT
04-30	Jervois Global Limited Provides Earnings Guidance for the First Quarter and Year 2024	CI

Jervois Mining : Quarterly Activities Report to 31 December 2020

January 28, 2021 at 10:51 pm

(via TheNewswire)

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

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 |Jervois Mining Limited (“Jervois” or the “Company”)|Highlights                                                                                                                                                                                                                                                                           |
 |ACN: 007 626 575                                   |Jervois' A$45.0 million equity placement completed                                                                                                                                                                                                                                   |
 |ASX/TSXV: JRV                                      |Jervois is using proceeds for its Idaho Cobalt Operations (“ICO”), United States, long lead item orders, detailed engineering and ongoing site costs; and activities relating to its announced agreement to acquire Miguel Paulista (“SMP”) nickel-cobalt refinery, São Paulo, Brazil|
 |OTCQB: JRVMF                                       |Jervois paid the non-refundable deposit of R$15 million (or A$3.9 million) which applies on closing as the first tranche of the R$125 million cash consideration for acquisition of SMP refinery                                                                                     |
 |                                                   |Jervois appointed M3 Engineering for detailed design and early site works at ICO; Metso Outotec SAG mill ordered                                                                                                                                                                     |
 |Corporate Information:                             |At SMP Refinery, decision taken to integrate Pressure Oxidation (“POX”) leach circuit                                                                                                                                                                                                |
 |802.1M Ordinary Shares                             |Jervois appointed additional key management as it drives development of ICO and SMP:                                                                                                                                                                                                 |
 |96.5M Options                                      |Greg Young appointed Executive General Manager (“EGM”) – Commercial                                                                                                                                                                                                                  |
 |                                                   |Wayde Yeoman and Klaus Wollhaf both appointed to Group Manager– Commercial, working with Greg Young                                                                                                                                                                                  |
 |Non-Executive Chairman                             |James May appointed Chief Financial Officer / EGM Finance                                                                                                                                                                                                                            |
 |Peter Johnston                                     |Craig Morrison appointed as Group Financial Controller                                                                                                                                                                                                                               |
 |                                                   |Valdecir Botassini appointed as SMP Project Director                                                                                                                                                                                                                                 |
 |CEO and Executive Director                         |Jervois became a founding member of the Zero Emission Transportation Association (“ZETA”) in the US                                                                                                                                                                                  |
 |Bryce Crocker                                      |ZETA is advocating for 100% electric vehicle sales in the US by 2030, with cobalt an important component in EV batteries                                                                                                                                                             |
 |                                                   |Jervois ends December 2020 quarter with A$42.3 million cash                                                                                                                                                                                                                          |
 |Non-Executive Directors                            |                                                                                                                                                                                                                                                                                     |
 |Brian KennedyMichael Callahan                      |                                                                                                                                                                                                                                                                                     |
 |Company Secretary                                  |                                                                                                                                                                                                                                                                                     |
 |Alwyn Davey                                        |                                                                                                                                                                                                                                                                                     |
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 |Contact Details                                    |                                                                                                                                                                                                                                                                                     |
 |Suite 508,                                         |                                                                                                                                                                                                                                                                                     |
 |737 Burwood RoadHawthorn East                      |                                                                                                                                                                                                                                                                                     |
 |Victoria 3122                                      |                                                                                                                                                                                                                                                                                     |
 |Australia                                          |                                                                                                                                                                                                                                                                                     |
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 |P: +61 (3) 9583 0498                               |                                                                                                                                                                                                                                                                                     |
 |E:admin@jervoismining.com.au                       |                                                                                                                                                                                                                                                                                     |
 |W:www.jervoismining.com.au                         |                                                                                                                                                                                                                                                                                     |
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CORPORATE UPDATE

Liquidity

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

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

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

Placement

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

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

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

Jervois participants in the Placement included:

--Peter Johnston, Non-Executive Chairman (A$0.2 million, 655,738 shares)
--Brian Kennedy, Non-Executive Director (A$0.5 million, 1,639,344 shares)
--Ken Klassen, General Counsel / EGM – Legal (A$0.3 million, 983,607 shares); and
--Greg Young, EGM – Commercial (A$0.75 million, 2,459,016 shares).

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

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

Management Appointments

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

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

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

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

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

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

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

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

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

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

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

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

Insider Compensation Reporting

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

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

United States (“US”) Government Discussions

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

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

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

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

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

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

Jervois joins ZETA

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

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

Project Financing Update

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

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

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

Investor Relations

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

Change of Year End

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

- The Company’s previous financial year ended on 30 June 2020;
  The Company will have a six-month transitional financial year, from 1 July 2020 to 31 December 2020; and
  Thereafter, the Company will revert to a 12-month financial year, from 1 January 2021 and ending on 31 December.

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

Lodge a quarterly report (Appendix 5B) with ASX by 31 January 2021;
Lodge audited financial statements with ASX by 31 March 2021;
Lodge an annual report with ASX by 30 April 2021; and
Hold an Annual General Meeting (“AGM”) by 31 May 2021.

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

Results of the 2020 AGM

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

1.Adoption of the Remuneration Report
2.Re-election of a Director - Mr Brian Kennedy
3.Re-election of a Director - Mr Peter Johnston
4.Re-election of a Director - Mr Michael Callahan
5.Additional Placement Capacity (Special)
6.Approval of Stock Option Plan
7.Approval to issue Options to Brian Kennedy
8.Approval to issue Options to Michael Callahan
9.Approval to issue Options to Peter Johnston
10.Appointment of Auditor
11.Ratification of prior issue of shares
12.Approval of participation in the capital raising
13.Approval of the issue of capital raising share.

PROJECT UPDATES

Idaho Cobalt Operations or ICO, United States

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Ugandan Exploration Properties

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

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

Result highlights included:

- - - Hole 20DDHS006

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

Hole 20DDHS007

24.8m @ 0.9 g/t Aufrom 53.7m

Including1.05m @ 6.4 g/t Au;from 77.45m

Hole 20DDHS008

10.4m @ 0.6 g/t Aufrom 14.0m
1.65m @ 1.6 g/t Aufrom 69.15m

Hole 20DDHS009

10.0m @ 0.5 g/t Aufrom 38.0m

Including1.0m @ 2.9 g/t Au;from 41.0m

1.0m @ 5.0 g/t Au;from 95.0m

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

Kabanga Nickel-Cobalt Deposit Application, Tanzania

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

Non Core Assets

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

ASX WAIVER INFORMATION

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

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

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 |Jervois shares issued in the  |Nil|
 |quarter on exercise of eCobalt|   |
 |options:                      |   |
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 |eCobalt options remaining outstanding:                                                 |
 |---------------------------------------------------------------------------------------|
 |        2,714,250* |eCobalt options exercisable until 6 September 2021 at C$0.36* each |
 |        3,654,750* |eCobalt options exercisable until 28 June 2022 at C$0.71* each     |
 |        288,750*   |eCobalt options exercisable until 5 October 2022 at C$0.70* each   |
 |        231,000*   |eCobalt options exercisable until 11 January 2023 at C$1.16* each  |
 |        165,000*   |eCobalt options exercisable until 12 March 2023 at C$0.85* each    |
 |        206,250*   |eCobalt options exercisable until 6 April 2023 at C$0.84* each     |
 |        4,191,000* |eCobalt options exercisable until 28 June 2023 at C$0.61* each     |
 |        123,750*   |eCobalt options exercisable until 24 September 2023 at C$0.50* each|
 |       1,980,000*  |eCobalt options exercisable until 1 October 2023 at C$0.53* each   |
 |---------------------------------------------------------------------------------------|
 |13,554,750*        |                                                                   |
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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:

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 |Investors and analysts:      |Media:                              |
 |Bryce Crocker                |Nathan Ryan                         |
 |Chief Executive Officer      |NWR Communications                  |
 |Jervois Mining Limited       |nathan.ryan@nwrcommunications.com.au|
 |bcrocker@jervoismining.com.au|Mob: +61 420 582 887                |
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Competent Person’s Statement

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

Qualified Person’s Statement

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

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

Forward Looking Statements

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

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 |Tenements                  |
 |                           |
 | Australian Tenements      |
 |                           |
 |Description                |
 |                           |
 |Tenement number            |
 |Interest owned %           |
 |Ardnaree (NSW)             |
 |                           |
 |EL 5527                    |
 |100.0                      |
 |Thuddungra (NSW)           |
 |                           |
 |EL 5571                    |
 |100.0                      |
 |Nico Young (NSW)           |
 |                           |
 |EL 8698                    |
 |100.0                      |
 |Ardnaree Magnesite (NSW)   |
 |                           |
 |EL 8763                    |
 |100.0                      |
 |Area 1 (NSW)               |
 |                           |
 |EL 8474                    |
 |100.0                      |
 |West Arunta (WA)           |
 |                           |
 |E80 4820                   |
 |20.0                       |
 |West Arunta (WA)           |
 |                           |
 |E80 4986                   |
 |20.0                       |
 |West Arunta (WA)           |
 |                           |
 |E80 4987                   |
 |20.0                       |
 |Old Khartoum (QLD)         |
 |                           |
 |EPM 14797                  |
 |100.0                      |
 |Khartoum (QLD)             |
 |                           |
 |EPM 19112                  |
 |100.0                      |
 |Three Mile Creek (QLD)     |
 |                           |
 |EPM 19113                  |
 |100.0                      |
 |Carbonate Creek (QLD)      |
 |                           |
 |EPM 19114                  |
 |100.0                      |
 |Mt Fairyland (QLD)         |
 |                           |
 |EPM 19203                  |
 |100.0                      |
 |                           |
 |Uganda Exploration Licences|
 |                           |
 |Description                |
 |                           |
 |Exploration Licence number |
 |Interest owned %           |
 |Bujagali                   |
 |                           |
 |EL1666                     |
 |100.0                      |
 |Bujagali                   |
 |                           |
 |EL1682                     |
 |100.0                      |
 |Bujagali                   |
 |                           |
 |EL1683                     |
 |100.0                      |
 |Bujagali                   |
 |                           |
 |EL1665                     |
 |100.0                      |
 |Bujagali                   |
 |                           |
 |EL1827                     |
 |100.0                      |
 |                           |
 |                           |
 |                           |
 |                           |
 |Kilembe Area               |
 |                           |
 |EL1674                     |
 |100.0                      |
 |Kilembe Area               |
 |                           |
 |EL1735                     |
 |100.0                      |
 |Kilembe Area               |
 |                           |
 |EL1736                     |
 |100.0                      |
 |Kilembe Area               |
 |                           |
 |EL1737                     |
 |100.0                      |
 |Kilembe Area               |
 |                           |
 |EL0012                     |
 |100.0                      |
 |                           |
 -----------------------------

----------------------------------------------------------
 |Idaho Cobalt Operations– 100% Interest owned            |
 |--------------------------------------------------------|
 |Claim Name          |County #   |IMC #                  |
 |--------------------------------------------------------|
 |SUN 1               |222991     |174156                 |
 |--------------------------------------------------------|
 |SUN 2               |222992     |174157                 |
 |--------------------------------------------------------|
 |SUN 3 Amended       |245690     |174158                 |
 |--------------------------------------------------------|
 |SUN 4               |222994     |174159                 |
 |--------------------------------------------------------|
 |SUN 5               |222995     |174160                 |
 |--------------------------------------------------------|
 |SUN 6               |222996     |174161                 |
 |--------------------------------------------------------|
 |SUN 7               |224162     |174628                 |
 |--------------------------------------------------------|
 |SUN 8               |224163     |174629                 |
 |--------------------------------------------------------|
 |SUN 9               |224164     |174630                 |
 |--------------------------------------------------------|
 |SUN 16 Amended      |245691     |177247                 |
 |--------------------------------------------------------|
 |SUN 18 Amended      |245692     |177249                 |
 |--------------------------------------------------------|
 |Sun 19              |277457     |196394                 |
 |--------------------------------------------------------|
 |SUN FRAC 1          |228059     |176755                 |
 |--------------------------------------------------------|
 |SUN FRAC 2          |228060     |176756                 |
 |--------------------------------------------------------|
 |TOGO 1              |228049     |176769                 |
 |--------------------------------------------------------|
 |TOGO 2              |228050     |176770                 |
 |--------------------------------------------------------|
 |TOGO 3              |228051     |176771                 |
 |--------------------------------------------------------|
 |DEWEY FRAC Amended  |248739     |177253                 |
 |--------------------------------------------------------|
 |Powder 1            |269506     |190491                 |
 |--------------------------------------------------------|
 |Powder 2            |269505     |190492                 |
 |--------------------------------------------------------|
 |LDC-1               |224140     |174579                 |
 |--------------------------------------------------------|
 |LDC-2               |224141     |174580                 |
 |--------------------------------------------------------|
 |LDC-3               |224142     |174581                 |
 |--------------------------------------------------------|
 |LDC-5               |224144     |174583                 |
 |--------------------------------------------------------|
 |LDC-6               |224145     |174584                 |
 |--------------------------------------------------------|
 |LDC-7               |224146     |174585                 |
 |--------------------------------------------------------|
 |LDC-8               |224147     |174586                 |
 |--------------------------------------------------------|
 |LDC-9               |224148     |174587                 |
 |--------------------------------------------------------|
 |LDC-10              |224149     |174588                 |
 |--------------------------------------------------------|
 |LDC-11              |224150     |174589                 |
 |--------------------------------------------------------|
 |LDC-12              |224151     |174590                 |
 |--------------------------------------------------------|
 |LDC-13 Amended      |248718     |174591                 |
 |--------------------------------------------------------|
 |LDC-14 Amended      |248719     |174592                 |
 |--------------------------------------------------------|
 |LDC-16              |224155     |174594                 |
 |--------------------------------------------------------|
 |LDC-18              |224157     |174596                 |
 |--------------------------------------------------------|
 |LDC-20              |224159     |174598                 |
 |--------------------------------------------------------|
 |LDC-22              |224161     |174600                 |
 |--------------------------------------------------------|
 |LDC FRAC 1 Amended  |248720     |175880                 |
 |--------------------------------------------------------|
 |LDC FRAC 2 Amended  |248721     |175881                 |
 |--------------------------------------------------------|
 |LDC FRAC 3 Amended  |248722     |175882                 |
 |--------------------------------------------------------|
 |LDC FRAC 4 Amended  |248723     |175883                 |
 |--------------------------------------------------------|
 |LDC FRAC 5 Amended  |248724     |175884                 |
 |--------------------------------------------------------|
 |RAM 1               |228501     |176757                 |
 |--------------------------------------------------------|
 |RAM 2               |228502     |176758                 |
 |--------------------------------------------------------|
 |RAM 3               |228503     |176759                 |
 |--------------------------------------------------------|
 |RAM 4               |228504     |176760                 |
 |--------------------------------------------------------|
 |RAM 5               |228505     |176761                 |
 |--------------------------------------------------------|
 |RAM 6               |228506     |176762                 |
 |--------------------------------------------------------|
 |RAM 7               |228507     |176763                 |
 |--------------------------------------------------------|
 |RAM 8               |228508     |176764                 |
 |--------------------------------------------------------|
 |RAM 9               |228509     |176765                 |
 |--------------------------------------------------------|
 |RAM 10              |228510     |176766                 |
 |--------------------------------------------------------|
 |RAM 11              |228511     |176767                 |
 |--------------------------------------------------------|
 |RAM 12              |228512     |176768                 |
 |--------------------------------------------------------|
 |RAM 13 Amended      |245700     |181276                 |
 |--------------------------------------------------------|
 |RAM 14 Amended      |245699     |181277                 |
 |--------------------------------------------------------|
 |RAM 15 Amended      |245698     |181278                 |
 |--------------------------------------------------------|
 |RAM 16 Amended      |245697     |181279                 |
 |--------------------------------------------------------|
 |Ram Frac 1 Amended  |245696     |178081                 |
 |--------------------------------------------------------|
 |Ram Frac 2 Amended  |245695     |178082                 |
 |--------------------------------------------------------|
 |Ram Frac 3 Amended  |245694     |178083                 |
 |--------------------------------------------------------|
 |Ram Frac 4 Amended  |245693     |178084                 |
 |--------------------------------------------------------|
 |HZ 1                |224173     |174639                 |
 |--------------------------------------------------------|
 |HZ 2                |224174     |174640                 |
 |--------------------------------------------------------|
 |HZ 3                |224175     |174641                 |
 |--------------------------------------------------------|
 |HZ 4                |224176     |174642                 |
 |--------------------------------------------------------|
 |HZ 5                |224413     |174643                 |
 |--------------------------------------------------------|
 |HZ 6                |224414     |174644                 |
 |--------------------------------------------------------|
 |HZ 7                |224415     |174645                 |
 |--------------------------------------------------------|
 |HZ 8                |224416     |174646                 |
 |--------------------------------------------------------|
 |HZ 9                |224417     |174647                 |
 |--------------------------------------------------------|
 |HZ 10               |224418     |174648                 |
 |--------------------------------------------------------|
 |HZ 11               |224419     |174649                 |
 |--------------------------------------------------------|
 |HZ 12               |224420     |174650                 |
 |--------------------------------------------------------|
 |HZ 13               |224421     |174651                 |
 |--------------------------------------------------------|
 |HZ 14               |224422                 |174652     |
 |--------------------------------------------------------|
 |HZ 15               |231338                 |178085     |
 |--------------------------------------------------------|
 |HZ 16               |231339                 |178086     |
 |--------------------------------------------------------|
 |HZ 18               |231340                 |178087     |
 |--------------------------------------------------------|
 |HZ 19               |224427                 |174657     |
 |--------------------------------------------------------|
 |Z 20                |224428                 |174658     |
 |--------------------------------------------------------|
 |HZ 21               |224193                 |174659     |
 |--------------------------------------------------------|
 |HZ 22               |224194                 |174660     |
 |--------------------------------------------------------|
 |HZ 23               |224195                 |174661     |
 |--------------------------------------------------------|
 |HZ 24               |224196                 |174662     |
 |--------------------------------------------------------|
 |HZ 25               |224197                 |174663     |
 |--------------------------------------------------------|
 |HZ 26               |224198                 |174664     |
 |--------------------------------------------------------|
 |HZ 27               |224199                 |174665     |
 |--------------------------------------------------------|
 |HZ 28               |224200                 |174666     |
 |--------------------------------------------------------|
 |HZ 29               |224201                 |174667     |
 |--------------------------------------------------------|
 |HZ 30               |224202                 |174668     |
 |--------------------------------------------------------|
 |HZ 31               |224203                 |174669     |
 |--------------------------------------------------------|
 |HZ 32               |224204                 |174670     |
 |--------------------------------------------------------|
 |HZ FRAC             |228967                 |177254     |
 |--------------------------------------------------------|
 |JC 1                |224165                 |174631     |
 |--------------------------------------------------------|
 |JC 2                |224166                 |174632     |
 |--------------------------------------------------------|
 |JC 3                |224167                 |174633     |
 |--------------------------------------------------------|
 |JC 4                |224168                 |174634     |
 |--------------------------------------------------------|
 |JC 5 Amended        |245689                 |174635     |
 |--------------------------------------------------------|
 |JC 6                |224170                 |174636     |
 |--------------------------------------------------------|
 |JC FR 7             |224171                 |174637     |
 |--------------------------------------------------------|
 |JC FR 8             |224172                 |174638     |
 |--------------------------------------------------------|
 |JC 9                |228054                 |176750     |
 |--------------------------------------------------------|
 |JC 10               |228055                 |176751     |
 |--------------------------------------------------------|
 |JC 11               |228056                 |176752     |
 |--------------------------------------------------------|
 |JC-12               |228057                 |176753     |
 |--------------------------------------------------------|
 |JC-13               |228058                 |176754     |
 |--------------------------------------------------------|
 |JC 14               |228971                 |177250     |
 |--------------------------------------------------------|
 |JC 15               |228970                 |177251     |
 |--------------------------------------------------------|
 |JC 16               |228969                 |177252     |
 |--------------------------------------------------------|
 |JC 17               |259006                 |187091     |
 |--------------------------------------------------------|
 |JC 18               |259007                 |187092     |
 |--------------------------------------------------------|
 |JC 19               |259008                 |187093     |
 |--------------------------------------------------------|
 |JC 20               |259009                 |187094     |
 |--------------------------------------------------------|
 |JC 21               |259010                 |187095     |
 |--------------------------------------------------------|
 |JC 22               |259011                 |187096     |
 |--------------------------------------------------------|
 |CHELAN NO. 1 Amended|248345                 |175861     |
 |--------------------------------------------------------|
 |GOOSE 2 Amended     |259554                 |175863     |
 |--------------------------------------------------------|
 |GOOSE 3             |227285                 |175864     |
 |--------------------------------------------------------|
 |GOOSE 4 Amended     |259553                 |175865     |
 |--------------------------------------------------------|
 |GOOSE 6             |227282                 |175867     |
 |--------------------------------------------------------|
 |GOOSE 7 Amended     |259552                 |175868     |
 |--------------------------------------------------------|
 |GOOSE 8 Amended     |259551                 |175869     |
 |--------------------------------------------------------|
 |GOOSE 10 Amended    |259550                 |175871     |
 |--------------------------------------------------------|
 |GOOSE 11 Amended    |259549                 |175872     |
 |--------------------------------------------------------|
 |GOOSE 12 Amended    |259548                 |175873     |
 |--------------------------------------------------------|
 |GOOSE 13            |228028                 |176729     |
 |--------------------------------------------------------|
 |GOOSE 14 Amended    |259547                 |176730     |
 |--------------------------------------------------------|
 |GOOSE 15            |228030                 |176731     |
 |--------------------------------------------------------|
 |GOOSE 16            |228031                 |176732     |
 |--------------------------------------------------------|
 |GOOSE 17            |228032                 |176733     |
 |--------------------------------------------------------|
 |GOOSE 18 Amended    |259546                 |176734     |
 |--------------------------------------------------------|
 |GOOSE 19 Amended    |259545                 |176735     |
 |--------------------------------------------------------|
 |GOOSE 20            |228035                 |176736     |
 |--------------------------------------------------------|
 |GOOSE 21            |228036                 |176737     |
 |--------------------------------------------------------|
 |GOOSE 22            |228037                 |176738     |
 |--------------------------------------------------------|
 |GOOSE 23            |228038                 |176739     |
 |--------------------------------------------------------|
 |GOOSE 24            |228039                 |176740     |
 |--------------------------------------------------------|
 |GOOSE 25            |228040                 |176741     |
 |--------------------------------------------------------|
 |SOUTH ID 1 Amended  |248725                 |175874     |
 |--------------------------------------------------------|
 |SOUTH ID 2 Amended  |248726                 |175875     |
 |--------------------------------------------------------|
 |SOUTH ID 3 Amended  |248727                 |175876     |
 |--------------------------------------------------------|
 |SOUTH ID 4 Amended  |248717                 |175877     |
 |--------------------------------------------------------|
 |SOUTH ID 5 Amended  |248715                 |176743     |
 |--------------------------------------------------------|
 |SOUTH ID 6 Amended  |248716                 |176744     |
 |--------------------------------------------------------|
 |South ID 7          |306433                 |218216     |
 |--------------------------------------------------------|
 |South ID 8          |306434                 |218217     |
 |--------------------------------------------------------|
 |South ID 9          |306435                 |218218     |
 |--------------------------------------------------------|
 |South ID 10         |306436                 |218219     |
 |--------------------------------------------------------|
 |South ID 11         |306437                 |218220     |
 |--------------------------------------------------------|
 |South ID 12         |306438                 |218221     |
 |--------------------------------------------------------|
 |South ID 13         |306439                 |218222     |
 |--------------------------------------------------------|
 |South ID 14         |306440                 |218223     |
 |--------------------------------------------------------|
 |OMS-1               |307477                 |218904     |
 |--------------------------------------------------------|
 |Chip 1              |248956                 |184883     |
 |--------------------------------------------------------|
 |Chip 2              |248957                 |184884     |
 |--------------------------------------------------------|
 |Chip 3 Amended      |277465                 |196402     |
 |--------------------------------------------------------|
 |Chip 4 Amended      |277466                 |196403     |
 |--------------------------------------------------------|
 |Chip 5 Amended      |277467                 |196404     |
 |--------------------------------------------------------|
 |Chip 6 Amended      |277468                 |196405     |
 |--------------------------------------------------------|
 |Chip 7 Amended      |277469                 |196406     |
 |--------------------------------------------------------|
 |Chip 8 Amended      |277470                 |196407     |
 |--------------------------------------------------------|
 |Chip 9 Amended      |277471                 |196408     |
 |--------------------------------------------------------|
 |Chip 10 Amended     |277472                 |196409     |
 |--------------------------------------------------------|
 |Chip 11 Amended     |277473                 |196410     |
 |--------------------------------------------------------|
 |Chip 12 Amended     |277474                 |196411     |
 |--------------------------------------------------------|
 |Chip 13 Amended     |277475                 |196412     |
 |--------------------------------------------------------|
 |Chip 14 Amended     |277476                 |196413     |
 |--------------------------------------------------------|
 |Chip 15 Amended     |277477                 |196414     |
 |--------------------------------------------------------|
 |Chip 16 Amended     |277478                 |196415     |
 |--------------------------------------------------------|
 |Chip 17 Amended     |277479                 |196416     |
 |--------------------------------------------------------|
 |Chip 18 Amended     |277480                 |196417     |
 |--------------------------------------------------------|
 |Sun 20              |306042                 |218133     |
 |--------------------------------------------------------|
 |Sun 21              |306043                 |218134     |
 |--------------------------------------------------------|
 |Sun 22              |306044                 |218135     |
 |--------------------------------------------------------|
 |Sun 23              |306045                 |218136     |
 |--------------------------------------------------------|
 |Sun 24              |306046                 |218137     |
 |--------------------------------------------------------|
 |Sun 25              |306047                 |218138     |
 |--------------------------------------------------------|
 |Sun 26              |306048                 |218139     |
 |--------------------------------------------------------|
 |Sun 27              |306049                 |218140     |
 |--------------------------------------------------------|
 |Sun 28              |306050                 |218141     |
 |--------------------------------------------------------|
 |Sun 29              |306051                 |218142     |
 |--------------------------------------------------------|
 |Sun 30              |306052                 |218143     |
 |--------------------------------------------------------|
 |Sun 31              |306053                 |218144     |
 |--------------------------------------------------------|
 |Sun 32              |306054                 |218145     |
 |--------------------------------------------------------|
 |Sun 33              |306055                 |218146     |
 |--------------------------------------------------------|
 |Sun 34              |306056                 |218147     |
 |--------------------------------------------------------|
 |Sun 35              |306057                 |218148     |
 |--------------------------------------------------------|
 |Sun 36              |306058                 |218149     |
 |--------------------------------------------------------|
 |Chip 21 Fraction    |306059                 |218113     |
 |--------------------------------------------------------|
 |Chip 22 Fraction    |306060                 |218114     |
 |--------------------------------------------------------|
 |Chip 23             |306025                 |218115     |
 |--------------------------------------------------------|
 |Chip 24             |306026                 |218116     |
 |--------------------------------------------------------|
 |Chip 25             |306027                 |218117     |
 |--------------------------------------------------------|
 |Chip 26             |306028                 |218118     |
 |--------------------------------------------------------|
 |Chip 27             |306029                 |218119     |
 |--------------------------------------------------------|
 |Chip 28             |306030                 |218120     |
 |--------------------------------------------------------|
 |Chip 29             |306031                 |218121     |
 |--------------------------------------------------------|
 |Chip 30             |306032                 |218122     |
 |--------------------------------------------------------|
 |Chip 31             |306033                 |218123     |
 |--------------------------------------------------------|
 |Chip 32             |306034                 |218124     |
 |--------------------------------------------------------|
 |Chip 33             |306035                 |218125     |
 |--------------------------------------------------------|
 |Chip 34             |306036                 |218126     |
 |--------------------------------------------------------|
 |Chip 35             |306037                 |218127     |
 |--------------------------------------------------------|
 |Chip 36             |306038                 |218128     |
 |--------------------------------------------------------|
 |Chip 37             |306039                 |218129     |
 |--------------------------------------------------------|
 |Chip 38             |306040                 |218130     |
 |--------------------------------------------------------|
 |Chip 39             |306041                 |218131     |
 |--------------------------------------------------------|
 |Chip 40             |307491                 |218895     |
 |--------------------------------------------------------|
 |DRC NW 1            |307492                 |218847     |
 |--------------------------------------------------------|
 |DRC NW 2            |307493                 |218848     |
 |--------------------------------------------------------|
 |DRC NW 3            |307494                 |218849     |
 |--------------------------------------------------------|
 |DRC NW 4            |307495                 |218850     |
 |--------------------------------------------------------|
 |DRC NW 5            |307496                 |218851     |
 |--------------------------------------------------------|
 |DRC NW 6            |307497                 |218852     |
 |--------------------------------------------------------|
 |DRC NW 7            |307498                 |218853     |
 |--------------------------------------------------------|
 |DRC NW 8            |307499                 |218854     |
 |--------------------------------------------------------|
 |DRC NW 9            |307500                 |218855     |
 |--------------------------------------------------------|
 |DRC NW 10           |307501                 |218856     |
 |--------------------------------------------------------|
 |DRC NW 11           |307502                 |218857     |
 |--------------------------------------------------------|
 |DRC NW 12           |307503                 |218858     |
 |--------------------------------------------------------|
 |DRC NW 13           |307504                 |218859     |
 |--------------------------------------------------------|
 |DRC NW 14           |307505                 |218860     |
 |--------------------------------------------------------|
 |DRC NW 15           |307506                 |218861     |
 |--------------------------------------------------------|
 |DRC NW 16           |307507                 |218862     |
 |--------------------------------------------------------|
 |DRC NW 17           |307508                 |218863     |
 |--------------------------------------------------------|
 |DRC NW 18           |307509                 |218864     |
 |--------------------------------------------------------|
 |DRC NW 19           |307510                 |218865     |
 |--------------------------------------------------------|
 |DRC NW 20           |307511                 |218866     |
 |--------------------------------------------------------|
 |DRC NW 21           |307512                 |218867     |
 |--------------------------------------------------------|
 |DRC NW 22           |307513                 |218868     |
 |--------------------------------------------------------|
 |DRC NW 23           |307514                 |218869     |
 |--------------------------------------------------------|
 |DRC NW 24           |307515                 |218870     |
 |--------------------------------------------------------|
 |DRC NW 25           |307516                 |218871     |
 |--------------------------------------------------------|
 |DRC NW 26           |307517                 |218872     |
 |--------------------------------------------------------|
 |DRC NW 27           |307518                 |218873     |
 |--------------------------------------------------------|
 |DRC NW 28           |307519                 |218874     |
 |--------------------------------------------------------|
 |DRC NW 29           |307520                 |218875     |
 |--------------------------------------------------------|
 |DRC NW 30           |307521                 |218876     |
 |--------------------------------------------------------|
 |DRC NW 31           |307522                 |218877     |
 |--------------------------------------------------------|
 |DRC NW 32           |307523                 |218878     |
 |--------------------------------------------------------|
 |DRC NW 33           |307524                 |218879     |
 |--------------------------------------------------------|
 |DRC NW 34           |307525                 |218880     |
 |--------------------------------------------------------|
 |DRC NW 35           |307526                 |218881     |
 |--------------------------------------------------------|
 |DRC NW 36           |307527                 |218882     |
 |--------------------------------------------------------|
 |DRC NW 37           |307528                 |218883     |
 |--------------------------------------------------------|
 |DRC NW 38           |307529                 |218884     |
 |--------------------------------------------------------|
 |DRC NW 39           |307530                 |218885     |
 |--------------------------------------------------------|
 |DRC NW 40           |307531                 |218886     |
 |--------------------------------------------------------|
 |DRC NW 41           |307532                 |218887     |
 |--------------------------------------------------------|
 |DRC NW 42           |307533                 |218888     |
 |--------------------------------------------------------|
 |DRC NW 43           |307534                 |218889     |
 |--------------------------------------------------------|
 |DRC NW 44           |307535                 |218890     |
 |--------------------------------------------------------|
 |DRC NW 45           |307536                 |218891     |
 |--------------------------------------------------------|
 |DRC NW 46           |307537                 |218892     |
 |--------------------------------------------------------|
 |DRC NW 47           |307538                 |218893     |
 |--------------------------------------------------------|
 |DRC NW 48           |307539                 |218894     |
 |--------------------------------------------------------|
 |EBatt 1             |307483                 |218896     |
 |--------------------------------------------------------|
 |EBatt 2             |307484                 |218897     |
 |--------------------------------------------------------|
 |EBatt 3             |307485                 |218898     |
 |--------------------------------------------------------|
 |EBatt 4             |307486                 |218899     |
 |--------------------------------------------------------|
 |EBatt 5             |307487                 |218900     |
 |--------------------------------------------------------|
 |EBatt 6             |307488                 |218901     |
 |--------------------------------------------------------|
 |EBatt 7             |307489                 |218902     |
 |--------------------------------------------------------|
 |EBatt 8             |307490                 |218903     |
 |--------------------------------------------------------|
 |OMM-1               |307478                 |218905     |
 |--------------------------------------------------------|
 |OMM-2               |307479                 |218906     |
 |--------------------------------------------------------|
 |OMN-2               |307481                 |218908     |
 |--------------------------------------------------------|
 |OMN-3               |307482                 |218909     |
 |--------------------------------------------------------|
 |BTG-1               |307471                 |218910     |
 |--------------------------------------------------------|
 |BTG-2               |307472                 |218911     |
 |--------------------------------------------------------|
 |BTG-3               |307473                 |218912     |
 |--------------------------------------------------------|
 |BTG-4               |307474                 |218913     |
 |--------------------------------------------------------|
 |BTG-5               |307475                 |218914     |
 |--------------------------------------------------------|
 |BTG-6               |307476                 |218915     |
 |--------------------------------------------------------|
 |NFX 17              |307230                 |218685     |
 |--------------------------------------------------------|
 |NFX 18              |307231                 |218686     |
 |--------------------------------------------------------|
 |NFX 19              |307232                 |218687     |
 |--------------------------------------------------------|
 |NFX 20              |307233                 |218688     |
 |--------------------------------------------------------|
 |NFX 21              |307234                 |218689     |
 |--------------------------------------------------------|
 |NFX 22              |307235                 |218690     |
 |--------------------------------------------------------|
 |NFX 23              |307236                 |218691     |
 |--------------------------------------------------------|
 |NFX 24              |307237                 |218692     |
 |--------------------------------------------------------|
 |NFX 25              |307238                 |218693     |
 |--------------------------------------------------------|
 |NFX 30              |307243                 |218698     |
 |--------------------------------------------------------|
 |NFX 31              |307244                 |218699     |
 |--------------------------------------------------------|
 |NFX 32              |307245                 |218700     |
 |--------------------------------------------------------|
 |NFX 33              |307246                 |218701     |
 |--------------------------------------------------------|
 |NFX 34              |307247                 |218702     |
 |--------------------------------------------------------|
 |NFX 35              |307248                 |218703     |
 |--------------------------------------------------------|
 |NFX 36              |307249                 |218704     |
 |--------------------------------------------------------|
 |NFX 37              |307250                 |218705     |
 |--------------------------------------------------------|
 |NFX 38              |307251                 |218706     |
 |--------------------------------------------------------|
 |NFX 42              |307255                 |218710     |
 |--------------------------------------------------------|
 |NFX 43              |307256                 |218711     |
 |--------------------------------------------------------|
 |NFX 44              |307257                 |218712     |
 |--------------------------------------------------------|
 |NFX 45              |307258                 |218713     |
 |--------------------------------------------------------|
 |NFX 46              |307259                 |218714     |
 |--------------------------------------------------------|
 |NFX 47              |307260                 |218715     |
 |--------------------------------------------------------|
 |NFX 48              |307261                 |218716     |
 |--------------------------------------------------------|
 |NFX 49              |307262                 |218717     |
 |--------------------------------------------------------|
 |NFX 50              |307263                 |218718     |
 |--------------------------------------------------------|
 |NFX 56              |307269                 |218724     |
 |--------------------------------------------------------|
 |NFX 57              |307270                 |218725     |
 |--------------------------------------------------------|
 |NFX 58              |307271                 |218726     |
 |--------------------------------------------------------|
 |NFX 59              |307272                 |218727     |
 |--------------------------------------------------------|
 |NFX 60 Amended      |307558                 |218728     |
 |--------------------------------------------------------|
 |NFX 61              |307274                 |218729     |
 |--------------------------------------------------------|
 |NFX 62              |307275                 |218730     |
 |--------------------------------------------------------|
 |NFX 63              |307276                 |218731     |
 |--------------------------------------------------------|
 |NFX 64              |307277                 |218732     |
 |--------------------------------------------------------|
 |                    |                       |           |
 |--------------------------------------------------------|
 |OMN-1 revised       |315879                 |228322     |
 ----------------------------------------------------------

----------------------------------------
 |Black Pine– 100% Interest Owned       |
 |--------------------------------------|
 |Claim Name      |Book&Page |IMC #     |
 |                |County #  |          |
 |--------------------------------------|
 |NOAH #1         |304761    |217757    |
 |                |          |          |
 |--------------------------------------|
 |NOAH #2         |304762    |217758    |
 |--------------------------------------|
 |NOAH #3         |304763    |217759    |
 |--------------------------------------|
 |NOAH #4         |304764    |217760    |
 |--------------------------------------|
 |NOAH #5         |304765    |217761    |
 |--------------------------------------|
 |NOAH #6         |304766    |217762    |
 |--------------------------------------|
 |NOAH #7         |304767    |217763    |
 |--------------------------------------|
 |NOAH #8         |304768    |217764    |
 |--------------------------------------|
 |NOAH #9         |304769    |217765    |
 |--------------------------------------|
 |NOAH #10        |304770    |217766    |
 |--------------------------------------|
 |NOAH #11 Amended|305804    |218081    |
 |--------------------------------------|
 |NOAH #12        |305803    |218082    |
 |--------------------------------------|
 |NOAH #13 FRAC   |305802    |218083    |
 |--------------------------------------|
 |NOAH #14        |305805    |218084    |
 |--------------------------------------|
 |NOAH #15        |305806    |218085    |
 |--------------------------------------|
 |NOAH #16        |305807    |218086    |
 |--------------------------------------|
 |NOAH #17        |305808    |218087    |
 |--------------------------------------|
 |NOAH #18        |305809    |218088    |
 |--------------------------------------|
 |NOAH #19        |305810    |218089    |
 |--------------------------------------|
 |NOAH #20        |305811    |218090    |
 |--------------------------------------|
 |NOAH #21        |305812    |218091    |
 |--------------------------------------|
 |NOAH #22        |305813    |218092    |
 |--------------------------------------|
 |NOAH #23        |305814    |218093    |
 ----------------------------------------

Appendix 5B

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


------------------------------------------------
 |Name of entity                                |
 |----------------------------------------------|
 |Jervois Mining Limited                        |
 |----------------------------------------------|
 |ABN           |       |Quarter ended (“current|
 |              |       |quarter”)              |
 |----------------------------------------------|
 |52 007 626 575|       |31 December 2020       |
 ------------------------------------------------

-----------------------------------------------------------------------------
 |Consolidated                                   |             |Year to date |
 |statement                                      |Current      |(6           |
 |of cash                                        |quarter$A’000|months)$A’000|
 |flows                                          |             |             |
 |---------------------------------------------------------------------------|
 |1.    |Cash flows from operating activities    |-            --            |
 |-----------------------------------------------|             |             |
 |1.1   |Receipts from customers                 |             |             |
 |---------------------------------------------------------------------------|
 |1.2   |Payments for                            |-            --            |
 |-----------------------------------------------|             |             |
 |      |(a)exploration&evaluation               |             |             |
 |---------------------------------------------------------------------------|
 |      |(b)development                          |-            --            |
 |---------------------------------------------------------------------------|
 |      |(c)production                           |-            --            |
 |---------------------------------------------------------------------------|
 |      |(d)staff costs                          |(429)        |(686)        |
 |---------------------------------------------------------------------------|
 |      |(e)administration and corporate costs   |(1,158)      |(2,046)      |
 |---------------------------------------------------------------------------|
 |1.3   |Dividends received (see note 3)         |-            --            |
 |---------------------------------------------------------------------------|
 |1.4   |Interest received                       |-            --            |
 |---------------------------------------------------------------------------|
 |1.5   |Interest and other costs of finance paid|-            --            |
 |---------------------------------------------------------------------------|
 |1.6   |Income taxes paid                       |-            --            |
 |---------------------------------------------------------------------------|
 |1.7   |Government grants and tax incentives    |25           |1,587        |
 |---------------------------------------------------------------------------|
 |1.8   |Other                                   |43           |68           |
 |---------------------------------------------------------------------------|
 |1.9   |Net cash from / (used                   |(1,519)      |(1,077)      |
 |      |in) operating                           |             |             |
 |      |activities                              |             |             |
 -----------------------------------------------------------------------------

--------------------------------------------------------------------------------------------------------
 |                                                                                                      |
 |------------------------------------------------------------------------------------------------------|
 |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                |(1,006)|(1,007)|
 |------------------------------------------------------------------------------------------------------|
 |    |(d)exploration&evaluation                                                        |(505)  |(1,592)|
 |------------------------------------------------------------------------------------------------------|
 |    |(e)investments                                                                   |-      --      |
 |------------------------------------------------------------------------------------------------------|
 |    |(f)other non-current assets                                                      |(162)  |(162)  |
 |------------------------------------------------------------------------------------------------------|
 |2.2 |Proceeds from the disposal of:                                                   |-      --      |
 |--------------------------------------------------------------------------------------|       |       |
 |    |(a)entities                                                                      |       |       |
 |------------------------------------------------------------------------------------------------------|
 |    |(b)tenements                                                                     |-      --      |
 |------------------------------------------------------------------------------------------------------|
 |    |(c)property, plant and equipment                                                 |-      --      |
 |------------------------------------------------------------------------------------------------------|
 |    |(d)investments                                                                   |-      |173    |
 |------------------------------------------------------------------------------------------------------|
 |    |(e)other non-current assets                                                      |-      --      |
 |------------------------------------------------------------------------------------------------------|
 |2.3 |Cash flows from loans to other entities                                          |-      --      |
 |------------------------------------------------------------------------------------------------------|
 |2.4 |Dividends received (see note 3)                                                  |-      --      |
 |------------------------------------------------------------------------------------------------------|
 |2.5 |Other– SMP Refinery Purchase Tranche 1                                           |(3,910)|(3,910)|
 |------------------------------------------------------------------------------------------------------|
 |2.6 |Net cash from / (used in) investing activities                                   |(5,583)|(6,498)|
 |------------------------------------------------------------------------------------------------------|
 |                                                                                                      |
 |------------------------------------------------------------------------------------------------------|
 |3.  |Cash flows from financing activities                                             |45,000 |45,000 |
 |--------------------------------------------------------------------------------------|       |       |
 |3.1 |Proceeds from issues of equity securities (excluding convertible debt securities)|       |       |
 |------------------------------------------------------------------------------------------------------|
 |3.2 |Proceeds from issue of convertible debt securities                               |-      --      |
 |------------------------------------------------------------------------------------------------------|
 |3.3 |Proceeds from exercise of options                                                |70     |309    |
 |------------------------------------------------------------------------------------------------------|
 |3.4 |Transaction costs related to issues of                                           |(990)  |(990)  |
 |    |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                                   |44,080 |44,319 |
 |------------------------------------------------------------------------------------------------------|
 |                                                                                                      |
 |------------------------------------------------------------------------------------------------------|
 |4.  |Net increase / (decrease) in cash and cash equivalents for the period            |       |       |
 |------------------------------------------------------------------------------------------------------|
 |4.1 |Cash and cash equivalents at beginning of period                                 |5,407  |5,663  |
 |------------------------------------------------------------------------------------------------------|
 |4.2 |Net cash from / (used in) operating activities (item 1.9 above)                  |(1,519)|(1,077)|
 |------------------------------------------------------------------------------------------------------|
 |4.3 |Net cash from / (used in) investing activities (item 2.6 above)                  |(5,583)|(6,498)|
 |------------------------------------------------------------------------------------------------------|
 |4.4 |Net cash from / (used in) financing activities (item 3.10 above)                 |44,080 |44,319 |
 |------------------------------------------------------------------------------------------------------|
 |4.5 |Effect of movement in exchange rates on cash held                                |(54)   |(76)   |
 |------------------------------------------------------------------------------------------------------|
 |4.6 |Cash and cash equivalents at end of period                                       |42,331 |42,331 |
 --------------------------------------------------------------------------------------------------------

----------------------------------------------------------------------------------------------------------------
 |5. |Reconciliation of cash and cash equivalentsat the end of the quarter (as shown|Current      |Previous     |
 |   |in the consolidated statement of cash flows) to the related items in the      |quarter$A’000|quarter$A’000|
 |   |accounts                                                                      |             |             |
 |--------------------------------------------------------------------------------------------------------------|
 |5.1|Bank balances                                                                 |42,331       |5,407        |
 |--------------------------------------------------------------------------------------------------------------|
 |5.2|Call deposits                                                                 |-            --            |
 |--------------------------------------------------------------------------------------------------------------|
 |5.3|Bank overdrafts                                                               |-            --            |
 |--------------------------------------------------------------------------------------------------------------|
 |5.4|Other (provide details)                                                       |-            --            |
 |--------------------------------------------------------------------------------------------------------------|
 |5.5|Cash and cash equivalents at end of quarter (should equal item 4.6 above)     |42,331       |5,407        |
 ----------------------------------------------------------------------------------------------------------------


-------------------------------------------------------------------------------------------
 |6.      |Payments to related parties of the entity and their associates|Current quarter$A|
 |-----------------------------------------------------------------------------------------|
 |6.1     |Aggregate amount of payments to related                       |262              |
 |        |parties and their associates included in                      |                 |
 |        |item 1                                                        |                 |
 |-----------------------------------------------------------------------------------------|
 |6.2     |Aggregate amount of payments to related                       |83               |
 |        |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 facilitiesNote: the term“facility’ includes all forms of financing arrangements available           |Total facility amount at quarter end$A’000                                                                    |Amount drawn at quarter end$A’000                                                                             |
 |   |to the entity.                                                                                                |                                                                                                              |                                                                                                              |
 |   |Add notes as necessary for an understanding of the sources of finance available to the entity.                |                                                                                                              |                                                                                                              |
 |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
 |7.1|Loan facilities                                                                                               |-                                                                                                             --                                                                                                             |
 |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
 |7.2|Credit standby arrangements                                                                                   |-                                                                                                             --                                                                                                             |
 |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
 |7.3|Other (please specify)                                                                                        |104                                                                                                           |104                                                                                                           |
 |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
 |7.4|Total financing facilities                                                                                    |104                                                                                                           |104                                                                                                           |
 |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
 |   |                                                                                                                                                                                                                             |                                                                                                              |
 |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
 |7.5|Unused financing facilities available at quarter end                                                                                                                                                                         |-                                                                                                             |
 |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
 |7.6|Include in the box below a description of each facility above, including the lender, interest rate, maturity date and whether it is secured or unsecured. If any additional financing facilities have been entered into or are proposed to be entered into after quarter end, include a note providing details of those facilities as well. |
 |   |--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
 |   |Other - US government loan outstanding relating to Covid-19 stimulus payroll protection, for which forgiveness requirements have already been met.                                                                                                                                                                                          |
 |   |                                                                                                                                                                                                                                                                                                                                            |
 --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
 |8. |Estimated cash available for future operating activities                                                |$A’000                                                                                                  |
 |---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
 |8.1|Net cash from / (used in) operating activities (item 1.9)                                               |(1,519)                                                                                                 |
 |---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
 |8.2|(Payments forexploration&evaluation classified as investing activities)(item 2.1(d))                    |(505)                                                                                                   |
 |---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
 |8.3|Total relevant outgoings (item 8.1 + item 8.2)                                                          |(2,024)                                                                                                 |
 |---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
 |8.4|Cash and cash equivalents at quarter end (item 4.6)                                                     |42,331                                                                                                  |
 |---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
 |8.5|Unused finance facilities available at quarter end (item 7.5)                                           |-                                                                                                       |
 |---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
 |8.6|Total available funding (item 8.4 + item 8.5)                                                           |42,331                                                                                                  |
 |---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
 |   |                                                                                                        |                                                                                                        |
 |---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
 |8.7|Estimated quarters of funding available (item 8.6 divided by item 8.3)                                  |20.91                                                                                                   |
 |   |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
 |   |Note: if the entity has reported positive relevant                                                                                                                                                               |
 |   |outgoings (i.e., a net cash inflow) in item 8.3,                                                                                                                                                                 |
 |   |answer item 8.7 as “N/A”. Otherwise, a figure for                                                                                                                                                                |
 |   |the estimated quarters of funding available must be                                                                                                                                                              |
 |   |included in item 8.7.                                                                                                                                                                                            |
 |---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
 |8.8|If item 8.7 is less than 2 quarters, please provide answers to the following questions:                                                                                                                          |
 |---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
 |   |8.8.1        Does the entity expect that it will continue to have the current level of net operating cash flows for the time being and, if not, why not?                                                         |
 |---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
 |   |Answer:                                                                                                                                                                                                          |
 |   |                                                                                                                                                                                                                 |
 |---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
 |   |8.8.2        Has the entity taken any steps, or does it propose to take any steps, to raise further cash to fund its operations and, if so, what are those steps and how likely does it believe that they will be|
 |   |successful?                                                                                                                                                                                                      |
 |---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
 |   |Answer:                                                                                                                                                                                                          |
 |   |                                                                                                                                                                                                                 |
 |---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
 |   |8.8.3        Does the entity expect to be able to continue its operations and to meet its business objectives and, if so, on what basis?                                                                         |
 |---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
 |   |Answer:                                                                                                                                                                                                          |
 |   |                                                                                                                                                                                                                 |
 |---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
 |   |Note: where item 8.7 is less than 2 quarters, all of questions 8.8.1, 8.8.2 and 8.8.3 above must be answered.                                                                                                    |
 -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Compliance statement

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

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

Date: 29 January 2021

Authorised by: Alwyn Davey, Company Secretary

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

Notes

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

2. If this quarterly cash flow report has been prepared in accordance with Australian Accounting Standards, the definitions in, and provisions of,AASB 6: Exploration for and Evaluation of Mineral ResourcesandAASB 107: Statement of Cash Flowsapply 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’sCorporate 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.

Latest news about Jervois Global Limited

Jervois Global Waives Financial Covenants on $100 Million 12.5% Bonds Until July	05-09	MT
Jervois Global Limited Provides Earnings Guidance for the First Quarter and Year 2024	04-30	CI
Transcript : Jervois Global Limited, Q1 2024 Earnings Call, Apr 30, 2024	04-30
Jervois Completes Maiden JORC Resource for Sunshine at Ico, USA	04-02	CI
Jervois Global Commences Underground Resource Extension at RAM Deposit; Shares Down 4%	03-27	MT
Jervois Global Limited Commences U.S. Department of Defense Funded Drilling At Idaho Cobalt Operations	03-26	CI
US explored adding more cobalt to defence stockpiles, sources say	03-18	RE
Jervois Global Limited Reports Earnings Results for the Full Year Ended December 31, 2023	03-17	CI
Jervois Global Limited(ASX:JRV) dropped from S&P/ASX All Ordinaries Index	03-17	CI
Rising Rate Cut Bets Boost Australian Shares	03-07	MT
Jervois Global Falls 17% Following Job Cuts, Salary Freezes Amid 'Adverse' Cobalt Market Conditions	03-07	MT
Jervois Global Limited Announces Retirement of Greg Young Executive General Manager	03-06	CI
Jervois Global Finds Two Potential US Locations for Proposed Cobalt Refinery; Shares Rise 4%	02-26	MT
Jervois Global Completes Maiden Drilling at US Cobalt Operations; Shares Up 3%	01-30	MT
Transcript : Jervois Global Limited, Q4 2023 Earnings Call, Jan 30, 2024	01-29
Pentagon plans AI-based program to estimate prices for critical minerals	01-29	RE
Jervois Global Limited Reports Results from its Inaugural Sunshine Drilling Campaign At its Idaho Cobalt Operations in Idaho, United States	01-28	CI
Jervois Global Embraces New US Legislative Proposal for Creation of Critical Mineral Reserve	12-13	MT
Factbox-Chinese and other cobalt mines boosting output despite price slide	12-06	RE
Analysis-China turbo-charges cobalt mine output despite price crash	12-06	RE
Jervois Global Limited Commences its Underground Resource Extension Programme at RAM Deposit	11-20	CI
Jervois Global Starts Underground Drilling at RAM Deposit; Shares Up 9%	11-20	MT
Transcript : Jervois Global Limited, Q3 2023 Earnings Call, Oct 26, 2023	25/10/23
Afry to Conduct Feasibility Study for Jervois' New Cobalt Refinery in US	06/10/23	MT
Jervois Global Starts Bankable Feasibility Study for US Cobalt Refinery; Shares Fall 5%	03/10/23	MT

Chart Jervois Global Limited

Duration

Period

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Company Profile

Jervois Global Limited is an Australia-based supplier of cobalt and nickel, serving both the battery and chemicals markets. The Company's segments include Australia, Brazil, Finland, United States and Other. The Australia segment includes Nico Young and other Australian tenement licenses held. The Brazil segment includes the Sao Miguel Paulista nickel and cobalt refinery (SMP Refinery). The Finland segment includes the cobalt refining and specialty products business located in Kokkola, Finland. Its product categories include chemical and catalysts, pigments, powder metallurgy and battery. The United States segment includes the Idaho Cobalt Operations (ICO) cobalt-copper-gold mine in Lemhi County outside of the town of Salmon, Idaho. The Other segment consists of non-core exploration not related to Australia and the United States. The Company's non-core assets are located in Canada (Virgin River project and Kernahan/Bell project) and Australia (Arunta West project).

Sector

Specialty Mining & Metals

Calendar

11/08/2024 - Q2 2024 Earnings Release (Projected)

More about the company

Income Statement Evolution

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Ratings for Jervois Global Limited

Trading Rating

Investor Rating

ESG Refinitiv

B+

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Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

0.015 AUD

Average target price

0.025 AUD

Spread / Average Target

+66.67%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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Jervois Global Limited

Equities

JRV

AU000000JRV4

Specialty Mining & Metals

Jervois Mining : Quarterly Activities Report to 31 December 2020

EPS Revisions