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Jervois' in-fill Drilling at ICO Adds Confidence in RAM Resource

Cremorne, AU - TheNewswire - February 8, 2023 - Jervois Global Limited (“Jervois” or the “Company”) (ASX:JRV) (TSX-V:JRV) (OTC:JRVMF) has received all results from an in-fill drilling program at its Idaho Cobalt Operations (“ICO”) in Idaho, United States (“U.S.”), which have confirmed grade continuity and widths consistent with the Mineral Reserve and Resource Estimate (“MRRE”) at the RAM deposit.

Highlights:

2022 in-fill drilling at Jervois’ 100%-owned Idaho Cobalt Operations (“ICO”) improves confidence in the Mineral Reserve and Resource Estimate (“MRRE”) and further de-risks mining
Results now received from all 62 in-fill holes completed in 2022, which together with expansion drilling will be incorporated into an updated MRRE for ICO, expected Q2 2023
Results indicate continuity and consistency with existing RAM resource drilling and correspond well with grades and widths predicted by the existing RAM resource model
Geotechnical data gained from in-fill drilling adds to the existing database and increases confidence in ground conditions
In-fill drilling will continue through 2023 as ICO vertical mine development progresses
ICO is the only cobalt mine in the U.S., which Jervois expects to ramp up to nameplate capacity across Q2 2023

Jervois’ 2022 in-fill drilling program at ICO totalled 7,730 metres (“m”) in 62 completed diamond drillholes, focused on the RAM deposit underpinning current mine development at ICO, along with a single geotechnical drillhole. All 62 in-fill holes targeted and intersected the Main Mineralised Horizon (“MMH”) of the RAM deposit.

As previously disclosed, in-fill drilling has confirmed the current RAM deposit MRRE model and continues to de-risk mining, with drillhole spacing reducing from 50m down to 20m in near term production fronts.

In-fill drilling is ongoing and will continue through 2023 as vertical mine development progresses, focused on production areas within the upper levels of the South Zone and lower levels of the Mid Zone of the deposit.

Table 1: All drill holes completed at RAM during the drilling period

Hole ID	From (m)	To (m)	Zone	True Width (m)	Co Grade (%)	Cu Grade (%)	Au Grade (g/t)
JS22-001B	409.0	425.2	MMH	13.3	0.31	0.45	0.309
JU22-001	154.9	158.8	MMH	2.8	0.13	0.13	0.069
JU22-002	111.9	120.5	MMH	7.7	1.02	1.81	1.060
JU22-004	97.8	104.9	MMH	6.0	0.33	0.65	1.310
JU22-005	106.4	120.7	MMH	11.4	0.43	1.60	0.500
JU22-006	138.7	150.6	MMH	8.3	0.55	0.71	0.540
JU22-006	85.0	90.2	HW	3.1	0.57	0.27	0.280
JU22-007	130.5	142.6	MMH	9.3	0.88	0.82	0.590
JU22-008	119.3	130.5	MMH	7.7	0.39	0.96	0.690
JU22-009	103.9	110.9	MMH	6.3	0.33	0.79	0.617
JU22-010	96.6	102.4	MMH	5.8	0.11	0.10	0.170
JU22-011	101.2	111.3	MMH	9.7	0.14	0.09	0.171
JU22-012	101.8	109.1	MMH	5.4	0.46	0.25	0.620
JU22-013	109.3	115.2	MMH	5.4	0.17	0.15	0.206
JU22-014	107.9	116.3	MMH	6.4	0.67	2.50	0.500
JU22-015A	107.9	117.0	MMH	8.3	1.70	2.46	1.530
JU22-016	121.0	125.0	MMH	4.2	0.16	0.20	0.103
JU22-017	117.0	127.7	MMH	10.1	0.08	0.10	0.034
JU22-018	129.2	132.6	MMH	2.8	0.32	0.29	0.343
JU22-019	133.8	138.5	MMH	3.6	0.96	0.13	0.343
JU22-020	134.0	145.7	MMH	11.5	0.18	0.91	0.343
JU22-021	133.1	146.6	MMH	11.1	0.39	1.45	0.686
JU22-022	123.1	128.8	MMH	4.7	0.07	0.08	0.034
JU22-023	112.8	117.7	MMH	3.9	0.01	0.05	1.029
JU22-024	108.2	118.5	MMH	5.1	0.04	0.20	0.343
JU22-025	97.5	105.8	MMH	8.2	0.28	0.52	0.343
JU22-026	106.4	114.3	MMH	6.8	0.02	0.07	0.034
JU22-027	121.2	130.1	MMH	7.4	0.42	0.78	0.343
JU22-028	122.1	127.6	MMH	3.8	0.20	0.08	0.240
JU22-029	132.5	136.9	MMH	3.4	0.04	0.07	0.103
JU22-030	110.7	119.3	MMH	6.6	0.64	0.17	0.514
JU22-031	126.2	135.3	MMH	6.2	0.54	0.54	0.411
Hole ID	From (m)	To (m)	Zone	True Width (m)	Co Grade (%)	Cu Grade (%)	Au Grade (g/t)
JU22-032	22.9	26.5	MMH	2.9	0.41	0.14	1.029
JU22-033	27.7	32.5	MMH	2.9	0.33	0.06	0.411
JU22-034	71.6	77.3	MMH	2.4	0.12	0.15	0.343
JU22-035	45.7	53.0	MMH	3.4	0.22	0.15	0.789
JU22-036	27.4	36.9	MMH	8.1	0.03	0.09	0.069
JU22-037	21.3	23.2	MMH	1.8	0.28	0.07	0.651
JU22-038	43.0	49.5	MMH	4.7	0.41	0.08	0.446
JU22-039	32.7	36.3	MMH	2.9	0.06	0.21	3.394
JU22-040	80.7	89.9	MMH	7.1	0.32	1.42	0.514
JU22-041	95.7	100.7	MMH	4.2	0.16	0.08	0.309
JU22-042	77.9	85.1	MMH	3.9	0.50	1.32	0.789
JU22-043	71.2	77.6	MMH	5.4	0.79	1.74	0.960
JU22-044	67.1	72.5	MMH	5.3	0.50	1.22	0.446
JU22-045	74.1	78.0	MMH	3.4	0.07	0.17	0.069
JU22-046	73.8	80.5	MMH	5.7	0.09	0.35	0.171
JU22-047	87.2	92.9	MMH	4.5	0.12	0.51	0.171
JU22-048	96.0	107.9	MMH	8.3	0.18	0.84	0.206
JU22-049	97.9	103.7	MMH	4.4	0.02	0.11	0.137
JU22-050	122.2	152.7	MMH	12.2	0.02	0.07	0.034
JU22-051	90.5	103.9	MMH	9.7	0.23	0.96	0.514
JU22-052	82.3	95.2	MMH	8.8	0.34	1.89	0.960
JU22-053	72.5	81.4	MMH	7.8	0.31	1.41	0.514
JU22-054	72.2	82.4	MMH	14.2	0.29	1.75	0.549
JU22-055	71.3	75.4	MMH	3.7	0.11	0.38	0.137
JU22-056	62.5	67.4	MMH	4.8	0.39	1.45	0.309
JU22-057	61.3	71.3	MMH	10.1	0.14	1.00	0.789
JU22-058	68.9	75.3	MMH	6.2	0.33	0.97	0.446
JU22-059	78.3	84.1	MMH	4.6	0.09	0.35	0.103
JU22-060	80.2	93.9	MMH	11.3	0.50	0.99	0.411
JU22-061	67.7	75.6	MMH	7.4	0.54	0.67	0.583
JU22-062	78.6	86.9	MMH	6.7	0.35	0.43	0.309
JU22-063	84.1	89.0	MMH	4.1	0.30	0.40	0.343
JU22-064	289.0	300.2	MMH	8.2	0.15	0.53	0.103
JU22-064	257.4	262.7	HW	3.7	0.18	0.64	0.514
JU22-064	239.3	244.8	HW	3.7	0.18	0.22	0.446

Notes: True widths calculated for composite interval midpoint, perpendicular to the RAM deposit model. All results are reported uncut for both MMH and HW (hanging wall) zones.

Drill hole JU22-003 drilled as a targeted hydrological/geotechnical cover hole for capital development.

Table 2: Supporting collar coordinates for currently reporting in-fill and expansion drill holes

Hole ID	Easting (m)	Northing (m)	Elevation (m)	Azimuth (deg.)	Dip (deg.)	EOH Depth (m)
JS22-001B	585	7035	2232	277	-77	490
JU22-001	448	6602	2151	179	-84	203
JU22-002	447	6602	2151	228	-58	141
JU22-003	451	6604	2152	75	-51	230
JU22-004	442	6601	2152	244	-39	135
JU22-005	443	6600	2152	223	-40	141
JU22-006	444	6604	2151	304	-78	166
JU22-007	443	6602	2151	250	-79	162
JU22-008	444	6602	2151	249	-71	162
JU22-009	442	6600	2153	250	-54	132
JU22-010	441	6602	2153	246	-35	153
JU22-011	441	6602	2153	253	-25	137
JU22-012	441	6601	2153	225	-21	130
JU22-013	442	6600	2153	225	-20	158
JU22-014	444	6602	2151	223	-53	163
JU22-015A	442	6600	2153	219	-33	157
JU22-016	443	6599	2152	207	-34	157
JU22-017	443	6600	2151	206	-50	191
JU22-018	443	6599	2153	200	-64	162
JU22-019	444	6601	2151	212	-77	180
JU22-020	444	6601	2151	185	-61	188
JU22-021	444	6601	2151	182	-73	187
JU22-022	444	6601	2151	206	-24	154
JU22-023	442	6600	2153	230	-12	160
JU22-024	441	6601	2153	250	-10	145
JU22-025	441	6602	2153	264	-33	160
JU22-026	441	6602	2153	267	-14	158
JU22-027	444	6602	2151	281	-73	179
JU22-028	441	6603	2153	285	-14	159
JU22-029	442	6603	2153	296	-16	192
JU22-030	442	6603	2153	304	-44	169
JU22-031	442	6603	2151	316	-61	207
JU22-032	338	6541	2149	181	-75	47
JU22-033	338	6541	2150	180	-40	56
JU22-034	338	6541	2151	183	5	123
JU22-035	337	6540	2151	200	5	61
JU22-036	335	6543	2150	235	-10	49
JU22-037	335	6544	2150	270	-30	41
JU22-038	334	6544	2151	270	5	55
JU22-039	334	6545	2150	295	-5	55
JU22-040	464	6453	2129	273	4	140
Hole ID	Easting (m)	Northing (m)	Elevation (m)	Azimuth (deg.)	Dip (deg.)	EOH Depth (m)
JU22-041	465	6454	2129	293	-2	153
JU22-042	465	6454	2128	289	-8	123
JU22-043	465	6454	2128	278	-13	123
JU22-044	465	6453	2128	260	-17	87
JU22-045	465	6452	2128	242	-2	92
JU22-046	465	6451	2128	222	-12	108
JU22-047	465	6451	2129	217	1	123
JU22-048	465	6451	2129	208	3	146
JU22-049	465	6452	2130	226	19	140
JU22-050	465	6453	2130	262	20	153
JU22-051	466	6450	2128	200	-16	138
JU22-052	466	6451	2127	197	-40	123
JU22-053	466	6451	2127	215	-32	108
JU22-054	466	6451	2127	209	-53	103
JU22-055	465	6451	2127	235	-60	93
JU22-056	465	6451	2128	239	-21	93
JU22-057	465	6451	2128	239	-38	81
JU22-058	465	6453	2127	291	-65	87
JU22-059	465	6453	2127	268	-77	107
JU22-060	465	6454	2128	310	-29	132
JU22-061	465	6454	2128	284	-31	92
JU22-062	465	6454	2127	311	-49	114
JU22-063	466	6455	2127	323	-60	126
JU22-064	562	6572	2120	141	-80	313

Note: All coordinates provided in local ICO mine grid for both surface and underground drilling.

Figure 1: RAM Long Section including 2022 Expansion Drilling

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Figure 2: Section A

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Quality Assurance

All drill core samples are sent to ALS Global Laboratories (Geochemistry Division), an independent and fully accredited laboratory (ISO 9001:2008), in Vancouver, Canada, for analysis for gold by Fire Assay and multi-element Induction Coupled Plasma Spectroscopy. Jervois employs a regimented Quality Assurance, Quality Control (“QA/QC”) program where at least 10% duplicates, blanks and certified reference material are inserted into each sample shipment.

On behalf of Jervois Global Limited

Bryce Crocker, Chief Executive Officer

For further information, please contact:

Investors and analysts:

James May

Chief Financial Officer

Jervois Global

james.may@jervoisglobal.com

Media:

Nathan Ryan

NWR Communications

nathan.ryan@nwrcommunications.com.au

Mob: +61 420 582 887

Competent Person’s Statement

The information in this release that relates to Mineral Exploration is based on information compiled by Andrew Turner, P.Geol. who is a consultant for the company and a member of The Association of Professional Engineers and Geoscientists of Alberta. Andrew Turner has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is 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’. Andrew Turner consents to the inclusion in the release of the matters based on the 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 Andrew Turner, P.Geol., a consultant for the Company and a Qualified Person as defined by National Instrument 43-101.

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 of drilling operations at ICO, the outcome of the drilling program, timing of an updated resource model 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.