Highlights

• Jervois to receive a A$0.5 million grant under the New South Wales (“NSW”) Government’s Critical Minerals Activation Fund 

• Jervois will use the grant for testwork to advance its 100%-owned Nico Young nickel-cobalt project in NSW, Australia 

• Results from these studies will feed into a Bankable Feasibility Study (“BFS”) for Nico Young to produce mixed hydroxide product (“MHP”) 

• May 2019 Canadian National Institute (“NI”) 43-101 Preliminary Economic Assessment (“PEA”) confirmed Nico Young’s technical and commercial viability 

• Jervois plans to recommence resource definition drilling at Nico Young in January 2023  

21 November, 2022 – TheNewswire – Australia - Jervois Global Limited (“Jervois”) (ASX:JRV) (TSXV:JRV) (OTC:JRVMF) is pleased to announce it will receive A$0.5 million funding from the NSW Government to advance testwork associated with underpinning a BFS for its 100%-owned Nico Young nickel-cobalt project under the NSW Critical Minerals and High-Tech Metals Activation Fund, Stream 1.  The Critical Minerals and High-Tech Activation Fund is designed to support regional NSW to become a global leader in these sectors.

Funding will support Jervois to undertake further metallurgical test work, environmental and water studies, which will feed into a BFS. It will also underpin environmental and infrastructure permitting required to advance the project’s development. These studies are a critical element that will improve process definition, progress water access management and key environmental impact studies (“EIS”), define the product path-to-market, de-risk the project and support project financing.

Successful completion of these studies will build on the Prefeasibility Study (publicly released as a NI 43-101 PEA in May 2019) which confirmed the technical and commercial viability of an open cut mine operation, heap leaching nickel and cobalt laterite ore to produce either an intermediate MHP or refining through to battery grade nickel sulphate and cobalt in refined sulphide.

As previous announced, Jervois’ Board has approved a drilling campaign at Nico Young, which is now planned for early 2023 following heavy rains across eastern Australia during 2022. Planning for the drilling campaign is well underway, with an initial focus on converting Inferred resources into the Indicated category on the Ardnaree deposit.

Jervois’s view is that heap leaching is the most attractive development route for the low grade nickel-cobalt mineralisation of Eastern Australia. Heap leaching nickel laterites in dry climates is a sensible, lower capital and reduced technical and environmental risk development approach versus the high capital and elevated construction and operating risk nature of high pressure acid leach (“HPAL”) facilities.

Jervois will now execute a Funding Deed with the NSW Government that will contain mutually agreed performance milestones against which the grant will be released; Jervois will co-fund as part of its preparatory work for a final BFS.

On behalf of Jervois Global Limited

Bryce Crocker, CEO

For further information, please contact:

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”, “expected” and other similar words or expressions identify forward-looking statements or information. These forward-looking statements or information may relate to the studies to be undertaken at Nico Young, the funding to be received from the NSW Government, the timing and outcome of the drilling campaign, the preparation of a BFS, the entering into of a Funding Deed and certain other factors or information. Such statements represent Jervois’ current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by Jervois, 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. Jervois 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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