Mr. Bryce Crocker reports

JERVOIS COMMENCES DRILLING ON ITS SUNSHINE DEPOSIT ADJACENT TO ICO; COSTS REFUNDABLE BY THE U.S. DEPARTMENT OF DEFENSE

Jervois Global Ltd. has commenced its surface drilling campaign at the Sunshine deposit adjacent to Idaho cobalt operations (ICO) in Idaho, United States. Mobilization is under way, with drilling expected to commence at the start of September, 2023, pending final U.S. Forest Service (USFS) approval.

Drilling will occur under the previously announced U.S. Department of Defense $15.0-million (U.S.) funding agreement. 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, which authoritizes and utilizes funds from the Additional Ukraine Supplemental Appropriations Act.

Jervois expects to spend $2.4-million (U.S.) to complete approximately 2,000 metres of drilling from surface, designed to intersect the Sunshine deposit, with the results expected to enable the deposit to be upgraded to a modern mineral resource. Sunshine is a unique brownfield exploration opportunity with a significant historical data set, which have underpinned design of this upcoming program. Sunshine is a historic deposit adjacent to Jervois's 100-per-cent-owned ICO, within short trucking distance of the recently constructed processing facilities. The drilling campaign direct expenditure, and associated Jervois program supervision and administration are fully refundable under the previously announced U.S. Department of Defense $15.0-million (U.S.) agreement funding.

Jervois's team in Salmon, Idaho, is also planning an underground drill program at its Ram deposit within ICO. Jervois expects to provide further updates on this additional program as it progresses.

We seek Safe Harbor.