Mr. Bryce Crocker reports

JERVOIS COMMENCES U.S. GOVERNMENT-FUNDED RESOURCE EXTENSION PROGRAMME AT ICO'S RAM DEPOSIT

Jervois Global Ltd. has commenced its underground resource extension program at the Ram deposit through its local mining contractor, Small Mine Development. The Ram resource extension program will involve the commenced construction of an underground exploration drift as well as the extensional drilling to define potential stepouts from the existing Ram mineral resource estimate (MRE), which the commenced construction will enable. The extensional drilling is expected to start in Q1 2024.

Highlights:

• Jervois has commenced underground drifting to access targeted pad drill station locations for Ram extension drilling at Idaho cobalt operations (ICO).
• Underground Ram drilling will commence in Q1 2024 once required mine development is complete, with drilling designed to expand Ram's 2023 mineral resource estimate.
• Drilling is complete at Sunshine, a historic resource adjacent to Jervois's 100-per-cent-owned ICO deposit and the surface rig is demobilized for winter.
• Assay results from the seven-hole program at Sunshine are expected in Q1 2024 and are expected to be used to prepare Jervois's inaugural MRE for Sunshine.
• The Sunshine and RAM exploration programs are fully refundable under the U.S. government's Department of Defense (DoD) Defense Production Act Title III $15-million (U.S.) funding agreement.
• Prior to these exploration programs, ICO's mineral resource and reserve are already the largest and highest-grade confirmed cobalt orebody in the United States.
• Cobalt is a critical mineral as declared by the U.S. government due to cobalt's aerospace, defence and energy transition applications.

Jervois has also successfully completed initial surface drilling of the Sunshine historic resource, part of its 100-per-cent-owned Idaho cobalt operations in Idaho, United States.

The Sunshine deposit is a historic resource located a short distance from the mill and concentrator facilities at ICO. Jervois safely drilled seven holes from surface topography, comprising 1,150 metres (3,700 feet) in total.

Logging of the Sunshine core obtained from drilling is under way, with assay results expected in Q1 2024. Modelling of the results, together with Jervois's inaugural MRE for Sunshine, is expected in Q2 2024.

Based on the existing U.S. DoD $15-million (U.S.) funding agreement, Jervois anticipates its costs for these exploration programs, up to the end of Q3 2024 for exploration development, drilling, logging, assaying, MRE modelling and other related costs, to be fully reimbursed.

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 utilizes funds from the Additional Ukraine Supplemental Appropriations Act. The resource extension program direct expenditure and associated Jervois program supervision are fully refundable by the DoD.

We seek Safe Harbor.