Highlights:

• Jervois commences a US$0.3 million site selection process (“Site Selection”) for its proposed cobalt refinery in the United States (“U.S.”), as the first stage of preparing a bankable feasibility study (“BFS”) for the refinery 

• BFS (including Site Selection) is fully-refundable by the U.S. Government via the previously announced US$15.0 million Department of Defense, Defense Production Act Title III funding agreement  

• Site Selection will consider technical, operational, environmental and safety parameters to underpin the long term competitiveness of a U.S.-located cobalt refinery, together with U.S. Government investment frameworks and incentives at the local, state and federal levels 

• BFS will be based on the flowsheet, initial engineering, environmental assessment and other BFS sections already developed by Jervois Finland and AFRY Finland Oy for the expansion in capacity of Jervois’ Kokkola operations which has been paused in favor of the proposed U.S.-located refinery 

• Cobalt is a critical mineral as declared by the U.S. Government due to cobalt’s defense, military and energy transition applications 

Australia - TheNewswire - 2 August 2023 - Jervois Global Limited (“Jervois”) (ASX:JRV) (TSX-V:JRV) (OTC:JRVMF) commences, through its 100% owned subsidiary Formation Holdings US, Inc., Site Selection as the first stage of preparing the bankable feasibility study (the “BFS”) for its proposed cobalt refinery in the U.S.

Jervois expects to spend US$0.3 million to complete Site Selection, which will be executed by AFRY U.S., a U.S.-based engineering and consulting company. The Site Selection is fully-refundable under the previously announced U.S. Department of Defense US$15 million funding agreement (the “Agreement Funding”). The Agreement Funding is under the Manufacturing Capability Expansion and Investment Prioritization office of Industrial Base Policy using the U.S. Defense Production Act Title III authorities and utilises funds from the Additional Ukraine Supplemental Appropriations Act.

Site Selection will consider local, state and federal incentives; permitting processes; security of supply chains; logistics; access to workforce capacity and capability; and other technical and operational requirements, all to underpin a globally competitive facility.

Jervois’ team is also engaged working on the BFS for the proposed U.S. refinery including progressing planning for other component parts of the BFS, basic engineering, and the environmental permitting roadmap development. Jervois expects to provide further updates of its work on the BFS as it progresses.

On behalf of Jervois.

Bryce Crocker, Chief Executive Officer

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 site selection, the BFS being undertaken, the additional works to be considered, future development plans, refund of costs by the Department of Defense 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.

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