Highlights:

• - Jervois has commenced underground construction of its 100%-owned Idaho Cobalt Operations (“ICO”).

  - During the last quarter Jervois has conducted portal bench construction and extension work to enable development of the mine to start in Q4 2021.

  - The start of underground construction marks the first time in decades the United States will have a primary cobalt mine.

  - With Jervois’s commencement of underground work, the United States has taken an important leap forward toward a secure cobalt supply chain.

  - Jervois is committed to building an ethical, sustainable and secure Western alternative to the current cobalt supply chain, and to working with its diverse customer base across key strategic industries in the United States, Europe and Japan.

  - ICO construction, procurement and engineering schedule remains on track, with commissioning and first production of cobalt concentrate expected from mid-2022.

  - Separate copper concentrates also expected to be produced and sold to North American customers in parallel, with current copper prices significantly above the US$3.00 per lb applied in the ICO Bankable Feasibility Study (“BFS”).

TheNewswire - 19 October 2021 - Jervois Global Limited (“Jervois” or the “Company”) (ASX:JRV) (TSXV:JRV) (OTC:JRVMF) is pleased to advise that underground construction of its 100%-owned Idaho Cobalt Operations (“ICO”) in the state of Idaho, United States, has commenced.

This historic step marks the first time in decades that the United States will have a primary cobalt mine within its borders.  With Jervois’s commencement of underground work, the United States has taken an important leap forward toward a secure cobalt supply chain.  The Biden Administration recently discussed the perilous situation faced by the United States related to cobalt in its high-profile review of supply chain vulnerabilities.  Jervois looks forward to continuing its work with political leadership in the United States, particularly with Governor Brad Little to consolidate on strong support received by the Company from Idaho and its congressional delegation.

Cobalt is a crucially important material for both defense and civilian applications.  The electrification of the United States and global transportation sectors are currently and expected to continue driving exceptional cobalt demand growth.  Jervois Global is committed to building an ethical, sustainable and secure Western alternative to the current cobalt supply chain, and to working with its diverse customer base across a wide range of key strategic industries in the United States, Europe and Japan.

Over the last three months portal bench construction and extension work has been conducted as part of the early works package which has enabled the mine to start in Q4 2021.  Construction consisted of highwall exposure and cut and fill and compaction during Q3 2021, completed by local contractor Scarrow Excavation.  Western United States underground mining contractor, Small Mine Development (“SMD”), completed bolting and meshing of the highwall above the east and west portal as well as the installation of a rock fall fence to protect critical infrastructure.

Initially a 2-foot advance blast was initiated on the west portal (see attached photographs).  The blast was designed to protect the portal face as part of the development of the mine.  Prior to the blast, a 62-foot advance pilot hole was drilled and confirmed dry, reaffirming the decision to initiate development of the early works construction to access the RAM deposit, the initial orebody underpinning Jervois’s published Bankable Feasibility Study (“BFS”) on the development of ICO in September 2020.  First ore is anticipated to be reached in Q1 2022.

Broader site construction activity continues, and first draw down of the US$100 million bond offering continues to be anticipated in Q4 2021.  ICO construction, procurement and engineering schedule remains on track, with commissioning and first production of cobalt concentrate expected from mid-2022.  Separate copper concentrates also expected to be produced and sold to North American customers in parallel, with current copper prices significantly above the US$3.00 per lb applied in the ICO BFS.

On behalf of Jervois

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 timing construction activities at ICO, the timing of productions at IC, future demand for cobalt 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.

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.

West Portal – Post Blast

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West Portal working face exposed