Mr. Bryce Crocker reports

JERVOIS COMMENCES BFS FOR U.S. COBALT REFINERY

Jervois Global Ltd.'s board has approved the appointment of AFRY USA LLC to lead basic engineering and the associated bankable feasibility study for a new greenfield U.S. cobalt refinery.

This facility is expected to be constructed under the framework of the Inflation Reduction Act 2022 and associated U.S. legislative initiatives, including Jervois's existing Department of Energy advanced vehicle technology manufacturing (ATVM) loan application (see announcement dated April 24, 2023).

Execution of BE and the BFS is fully refundable under the previously announced U.S. Department of Defence $15-million (U.S.) funding agreement. The agreement funding was entered into with the manufacturing capability expansion and investment prioritization office within the office of the assistant secretary of defence for the industrial base policy. The agreement was entered into under Defense Production Act Title III authorities and is utilizing funding appropriated by the Additional Ukraine Supplemental Appropriations Act.

Site selection for a U.S. refinery is continuing (see announcement dated Aug. 2, 2023), and the expected BFS completion schedule will be available upon a final location decision. Refinery feed is expected to be based on approximately 20 per cent recycled cobalt, largely in closed-loop recycling, whereby cobalt material used by customers is returned to Jervois for reprocessing.

We seek Safe Harbor.