Mr. Alwyn Davey reports

JERVOIS ISSUES US$5.1M TRANCHE 2 CONVERTIBLE NOTES

Jervois Global Ltd. has closed the second $5.1-million (U.S.) tranche of the $25.0-million (U.S.) unsecured convertible note offering to Millstreet Credit Fund LP following approval of the company's ordinary shareholders at a general meeting held in Melbourne, Australia, on Monday, Aug. 28, 2023.

Each unsecured convertible note entitles the noteholder, up to maturity in Q3 2028, to be issued a fully paid ordinary share in the company at a conversion price of 6.05 U.S. cents (9.33 Australian cents per Jervois share (1) based on today's prevailing exchange rate) and carries the right to a fixed annual coupon of 6.5 per cent, payable either in cash or Jervois shares at the company's election. Cash proceeds to Jervois for the $25.0-million (U.S.) note offering were reduced by an establishment fee of 4.0 per cent, paid to the noteholder.

As of Sept. 1, 2023, following the full note offering settlement, Jervois's cash balance is estimated at $56.0-million (U.S.). There has been no change to Jervois Finland's working capital loan balance with Mercuria Energy Trading S.A., relative to the last disclosed balance reported on July 27, 2023. The loan remains fully backed by physical cobalt inventories and receivables.

The $25-million (U.S.) gross proceeds of the notes offering have fully settled and are available to the company on an unrestricted basis.

Conditional TSX-V approval of the second tranche of the note offering was received, specifying the requirements for final TSX-V approval, however, that final approval has not yet been issued. This is all consistent with the process the company followed for the completed first tranche of the note offering and the company believes is customary practice for TSX-V-listed companies.

(1) 6.05 U.S. cents per share at an Australian-dollar/U.S.-dollar rate of 0.6484.

We seek Safe Harbor.