31 October 2024 (Australia) - TheNewswire                                                  

 

Jervois Global Limited ACN: 007 626 575 ASX/TSXV: JRV OTCQB: JRVMF   Corporate Information 2,703M Ordinary Shares 53.4M Options 209.2M Performance Rights   Non-Executive Chairman Peter Johnston   CEO and Executive Director Bryce Crocker   Non-Executive Directors Brian Kennedy Michael Callahan David Issroff Daniela Chimisso dos Santos Company Secretary Alwyn Davey   Contact Details Suite 2.03, 1-11 Gordon Street Cremorne Victoria 3121 Australia   P: +61 (3) 9583 0498 E: admin@jervoisglobal.com W: www.jervoisglobal.com

Highlights   Jervois Finland: US$2.9 million adjusted EBITDA0F1 in Q3 2024; resilient performance in context of cyclically weak market conditions, including low cobalt prices.   1,354 metric tonnes (“mt”) of cobalt sold in Q3 2024; expected full year guidance of 5,100 to 5,400 mt is unchanged.    Jervois USA: Strong results from resource extensional drilling at Idaho Cobalt Operations (“ICO”), funded by U.S. Department of Defense (“DoD”) Defense Production Act (“DPA”) Title III funding, illustrates growth potential.  Advancing U.S. cobalt refinery bankable feasibility study (“BFS”) funded by DoD, still expected to be completed in Q4 2024.    Corporate: Fully drawn US$7.5 million additional secured term loan as part of amended Jervois Finland working capital facility.  Waiver of covenants under Jervois’ debt facilities and deferral of ICO bond interest extended until 14 December 2024.  US$15.4 million cash balance, US$33.0 million physical cobalt inventories and US$147.9 million1F2 drawn senior debt at September 2024 quarter-end.  Jervois continues to pursue a balance sheet restructuring transaction, including relying on its secured lender to extend covenant waivers and interest deferral, and to provide additional debt funding.

Financing update

Jervois Global Limited (“Jervois” or the “Company” and, together with its subsidiaries, “Jervois Global Group”) ended the September 2024 quarter with US$15.4 million in cash, US$33.0 million in physical cobalt inventories, and total drawn senior debt of US$147.9 million.

End of September 2024 cash of US$15.4 million was lower than the previous quarter-end balance of US$21.3 million, with cash flow impacted by a rebuild of inventories in the quarter at Jervois Finland and holding costs at Jervois’ 100%-owned ICO mine site in the U.S. and the São Miguel Paulista (“SMP”) nickel-cobalt refinery in São Paulo, Brazil. The Company also incurred US$2.3 million in costs in the quarter, pursuing a balance sheet restructuring transaction.

At 27 October 2024, Jervois Global Group’s current cash balance is US$9.8 million.

During the quarter, Jervois and its “Lender”, being the majority holder of the US$100.0 million 12.5% ICO Senior Secured Bonds (the “ICO Bonds”) and lender under Jervois Finland’s working capital facility (the “JFO Facility”), amended the JFO Facility including adding a US$7.5 million term loan facility (the “Term Loan”) for general corporate and working capital purposes. The Term Loan is fully drawn, with US$3.75 million drawn in the quarter and, subsequent to the quarter end in October 2024, the remaining US$3.75 million drawn.

As part of the Term Loan, the Lender received additional security for the JFO Facility, including an agreement to provide a pledge over the shares of Jervois Brasil, which owns the SMP nickel-cobalt refinery, and a second lien on the assets which currently pledged to secure the repayment of the ICO Bonds.

The Lender, as majority holder of the ICO Bonds, agreed on 15 October 2024 to (a) extend to 14 December 2024 the waiver of all financial covenants and certain potential cross-defaults under the ICO Bonds (collectively the “Waiver”), (b) defer the semi-annual interest payments under the ICO Bonds (the “Deferral”)2F3 and (c) to forbear remedies associated with ICO Bonds financial covenant compliance. In exchange, the Company granted a second lien on the Jervois Finland assets pledged to secure the repayment of the JFO Facility security package, in favour of the ICO Bonds.

At 31 October 2024, neither the ICO Bonds nor the JFO Facility are in default.

  

Jervois Finland

• Revenue:                        US$38.2 million        (Q2 2024: US$36.9 million) 

• Adjusted EBITDA                US$2.9 million                (Q2 2024: US$0.2 million) 

• Cash flow from operations:        -US$1.0 million        (Q2 2024: US$4.3 million) 

• Sales volume:                        1,354 mt                (Q2 2024: 1,163 mt) 

• Production volume:                1,389 mt                (Q2 2024: 1,041mt) 

Sales and marketing

Jervois Finland produced 1,389 mt and sold 1,354 mt of cobalt in the quarter.

Figure 1: Jervois Finland sales volume by quarter (mt)

Click Image To View Full Size

Sales volumes of 1,163 mt during the quarter ending 30 September 2024 were 16% higher than the previous quarter volumes. The increase in sales volumes on the prior quarter reflected an uptick in demand from cobalt battery customers due to U.S. Foreign Entity of Concern (“FEOC”) regulations. Production volumes and product mix remains subject to continuous review and adjustment based on Jervois assessing end-use demand and considering target inventory levels. Production levels in the quarter were higher than the previous quarter to achieve alignment with the increase in sales and current market demand.

Jervois Finland’s sales performance and outlook for key market segments are summarised below.

Batteries:

• Jervois is commencing negotiations for 2025 supply agreements and expects U.S. requirements to source non-FEOC cobalt sulphate to result in new customers in 2025. 

• The U.S. Inflation Reduction Act, including FEOC sourcing restrictions, continues to drive interest in the U.S. and other Western supply of battery raw materials, providing a key advantage to Kokkola as the leading global cobalt refinery outside of China. 

• European and U.S. based electric vehicle (EV”) OEMs (automakers) continue to enquire about multi-year cobalt supply contracts. However, medium-term timelines remain uncertain and committed volume requests commence later than previously forecast due a moderation in current EV roll out rates.  

Chemicals, Catalysts, and Ceramics:

• Chemicals: Demand in general continues to show stability across key chemical applications, with coatings and rubber adhesion being particularly robust. 

• Catalysts: Cobalt demand continues to track steadily in the refinery catalyst segment, albeit at somewhat lower levels against 2023. 

• Ceramics: This segment continues to be impacted by reduced demand and increased competition. Cobalt producers in China are aggressively targeting export markets, resulting in continued low prices. These prices look to remain under pressure throughout the balance of the year as pigment producers are benefiting from increased competition by suppliers, together with less focus on supplier ESG characteristics than other customer segments. 

Powder Metallurgy:

• Competition in downstream markets (especially from China) continues to weaken demand for Jervois product across all powder metallurgy applications. 

• There has been no improvement in automotive, oil and gas production (drilling), general engineering, and construction markets. These markets are forecast to remain weak through to the beginning of 2025. 

• Continued positive outlook in aerospace, which remains supported by expansion in both civilian and military sectors. 

Financial performance

Jervois Finland achieved revenue of US$38.2 million in the quarter, a 4% increase on the prior quarter. The increase was principally due to higher sales volumes, offset by lower realised pricing due to historically low cobalt prices during the quarter. The business improvement programme, introduced in Q4 2023, continues to deliver a positive impact, with operating costs trending lower in the quarter, partially offsetting lower cobalt prices.

Adjusted EBITDA

Jervois Finland achieved Adjusted EBITDA in the third quarter of US$2.9 million, continuing a turnaround that commenced in the second quarter of 2023. Q3 2024 was the sixth consecutive quarter of positive Adjusted EBITDA, and the result is consistent with Jervois Finland’s historical performance of its business model supporting a positive margin in an environment of cyclically weak, but stable, cobalt prices.

 

Figure 2: Jervois Finland Adjusted EBITDA by quarter (US$M, unaudited)

Cash flow performance

Cash flow from operations (before interest payments) was -US$1.0 million in the quarter. Higher sales volumes and the financial benefits of sustained delivery of the business improvement programme at Jervois Finland continued to deliver a positive impact, with operating costs trending lower during the quarter. Higher working capital inventory offset the positive underlying financial result in the quarter. Physical cobalt inventories increased by US$1.1 million from US$31.9 million at 30 June 2024 to US$33.0 million at 30 September 2024. This represented an increase from 1,158 mt and ~69 days at 30 June 2024 to 1,305 mt and ~78 days at 30 September 2024, based on a normalised 6,000 mt annual production rate. Jervois is continuing to execute an inventory management strategy aligned to a near-term target range of 90 days or less, in a manner that balances commercial, liquidity, and risk management objectives.

Jervois USA

Idaho Cobalt Operations, U.S.

During the quarter, Jervois reported results from extensional drillholes as part of its U.S. DoD DPA Title III fully refundable (“DoD Agreement Funding”) programme at ICO.

Results from the initial four drillholes of Jervois’ RAM extensional drilling campaign under its DoD Agreement Funding yielded positive indication of resource extension both along strike and at depth. Drillhole JU24-097 provides an especially positive indication of the potential for extension of the RAM deposit, with its significant mineralisation and width representing the deepest intersection of the main mineralised horizon (“MMH”) to date at ICO. Additionally, the development of significant hangingwall (“HW”) intercepts across 2024 extensional drilling provides further strategic opportunity for cobalt resource growth.

Extensional drilling was conducted from a single underground drilling platform positioned within existing underground mine workings at ICO, with collar coordinates found in Table 1 included in the ASX announcement dated 31 July 20243F4.

Underground drilling at RAM highlighted appreciable grades, widths, and mineralisation continuity. The deepest intercept to date indicated strong upside potential of further resource extension at depth, which Jervois anticipates will be tested with future drilling.

Importantly, drilling demonstrated down-dip grade continuity along an interpreted orientation favourable to continued exploration by Jervois within its contiguous claim boundaries. This updated interpretation of the MMH in the southern extents of the RAM provides additional pathways to resource growth, previously believed to be limited to deep exploratory drilling, with additional moderate-depth extensional drilling at ICO. Greater continuity of HW mineralisation is also observed along this mineralised orientation based upon the 2024 drilling programme, indicating further resource growth opportunity.

Table 1: RAM DoD Agreement Funding extensional drilling results

Hole ID	From (m)	To (m)	Zone	True width* (m)	Co grade (%)	Cu grade (%)	Au grade (g/t)
JU24-093	155.3	159.3	HW	3.8	0.48	1.74	1.131
JU24-093	174.4	176.5	MMH	1.8	1.10	1.18	0.686
JU24-093	200.6	203.7	FW	2.6	0.15	1.57	0.309
JU24-095	194.7	198.1	HW	2.7	0.38	0.22	0.274
JU24-095	207.1	212.8	MMH	4.8	0.18	0.34	0.103
JU24-095	264.0	266.3	FW	1.5	0.43	0.99	0.617
JU24-096	221.9	229.2	HW	5.2	1.40	1.38	2.229
JU24-096	241.4	244.3	MMH	2.1	0.48	0.60	0.857
JU24-097	393.6	405.0	MMH	5.5	0.61	1.35	1.509

* Calculated true widths determined for the composited intercept mid-point, perpendicular to the down-dip projection of the RAM deposit.

Jervois completed 2,500 metres of targeted resource expansion drilling across both its RAM and Sunshine deposits under the DoD Agreement Funding, as well as more than 350 metres of underground mine development in support of DoD Agreement Funding extensional drilling.

Amendments to the DoD Agreement Funding during the quarter allow about half of the ~US$1.0 million monthly ICO site holding costs to be reimbursed under the DoD Agreement Funding, utilising residual unallocated funds from the US$15.0 million budget for an expected six-month period, commencing 1 October 2024. Jervois is engaged with the DoD seeking an extension and expansion of DPA Title III support of ICO.

U.S. cobalt refinery study

During the quarter, work continued on the U.S. cobalt refinery BFS being conducted with AFRY USA LLC, with a design capacity of 6,000 mt per annum of cobalt in sulphate form, suitable for EVs. The facility design would be able to supply sufficient cobalt for approximately 1.2 million EVs per annum. The cobalt refinery BFS is fully refundable through the existing DoD Agreement Funding. The BFS continues to be expected to be completed in the fourth quarter 2024.

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

SMP continues to deliver a cost-effective care and maintenance programme, and advance work focussed on maximising optionality for a restart of the refinery.

Corporate activities

In October 2024, the Company’s Chief Executive Officer, Mr. Bryce Crocker, attended the Minerals Security Partnership Finance Network forum in New York.

Exploration and development expenditure

No material cash expenditure on exploration and development was spent during the quarter.

Insider compensation reporting

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

By order of the Board

 

Bryce Crocker

Chief Executive Officer

For further information, please contact:

Investors and analysts: Alicia Brown Group Manager External Affairs Jervois Global Limited alicia.brown@jervoisglobal.com

Media: Nathan Ryan NWR Communications nathan.ryan@nwrcommunications.com.au Mobile: +61 420 582 887

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 restructure of the balance sheet, operations at Jervois Finland, future resource potential at ICO, U.S. refinery studies, reimbursement of funds to Jervois Mining USA Limited by the DoD, possible restart of the SMP refinery, and the reliability of third-party information, and certain other factors or information. Such statements represent the Company’s current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause results, performance, or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affections such statements and information other than as required by applicable laws, rules, and regulations.

 

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

 

Basis of preparation of financial information

Historical and forecast financial information

Financial information is prepared under Jervois Global Group accounting policies, which conform with Australian Accounting Standards and International Financial Reporting Standards (“IFRS”). The Jervois Finland financial results for the period post-acquisition are consolidated into the Jervois Global Group consolidated financial statements. All information presented is unaudited.

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

Reconciliation of net profit after tax (“NPAT”) to EBITDA and Adjusted EBITDA

EBITDA is a non-IFRS financial measure. EBITDA is presented as net income after adding back interest, tax, depreciation and amortisation, and extraordinary items. Adjusted EBITDA represents EBITDA adjusted to exclude items which do not reflect the underlying performance of the Company’s operations. Exclusions from adjusted EBITDA are items that require exclusion in order to maximise insight and consistency on the financial performance of the Company’s operations.

Exclusions include gains/losses on disposals, impairment charges (or reversals), certain derivative items, NRV adjustments to inventories, fair value adjustments on financial instruments, and one-off project-related costs.

Refer to the table below for a reconciliation of NPAT to EBITDA and Adjusted EBITDA.

Click Image To View Full Size

Tenements

 

Australian Tenements

 

0BDescription		1BTenement number	2BInterest owned %
Ardnaree (NSW)		EL 5527	100.0
Thuddungra (NSW)		EL 5571	100.0
Nico Young (NSW)		EL 8698	100.0
West Arunta (WA)		E80 4820	17.9
West Arunta (WA)		E80 4986	17.9
West Arunta (WA)		E80 4987	17.9

     

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

           

1 EBITDA is a non-IFRS financial measure. EBITDA is presented as net income after adding back interest, tax, depreciation and amortisation, and extraordinary items. Adjusted EBITDA represents EBITDA adjusted to exclude items which do not reflect the underlying performance of the Company’s operations. Exclusions from Adjusted EBITDA are items that require exclusion in order to maximise insight and consistency on the financial performance of the Company’s operations. Exclusions include gains/losses on disposals, impairment charges (or reversals), certain derivative items, NRV adjustments to inventories (or reversals), fair value adjustments on financial instruments, and one-off project-related costs. Refer to the “Basis of preparation of financial information” section for a reconciliation of NPAT to EBITDA and Adjusted EBITDA.

2 Drawn senior debt represents the aggregate of amounts drawn under Jervois’ senior debt facilities (excludes Unsecured Convertible Notes that mature in July/August 2028). Amounts represent the nominal loan amounts; balances recorded in Jervois’ financial statements under International Financial Reporting Standards will differ.

3 See JRV ASX Announcements dated 9 May 2024, 22 July 2024, 21 August 2024, 2 September 2024, 16 October 2024.

4 In accordance with ASX listing rule 5.23.2, Jervois confirms it is not aware of any new information or data that materially affects the information included in the relevant market announcements referred to above and that the assumptions contained therein continue to apply and have not materially changed.