Mr. Bryce Crocker reports

JERVOIS COMPLETES U.S. DEPARTMENT OF DEFENSE REIMBURSED DRILLING AT ICO'S SUNSHINE DEPOSIT

Jervois Global Ltd. has released results from its inaugural Sunshine drilling campaign at its Idaho cobalt operations (ICO) in Idaho, United States.

Uncapped drill results include:

• Hole SS23-01A intersected 2.9 metres CTW (calculated true width) at 0.01 per cent cobalt, 0.27 per cent copper and 0.03 gram per tonne gold.
• Hole SS23-02 intersected 1.2 m CTW at 0.34 per cent Co, 10.05 per cent Cu and 13.68 g/t Au. In addition, mineralization was encountered in the hanging wall (HW) to the Sunshine mineralized horizon, grading 0.42 per cent Co, 0.18 per cent Cu and 0.10 g/t Au across 1.0 m CTW.
• Hole SS23-03 intersected 1.7 m CTW at 0.68 per cent Co, 0.35 per cent Cu and 0.51 g/t Au.
• Hole SS23-04 intersected 0.5 m CTW at 1.55 per cent Co, 0.02 per cent Cu and 1.30 g/t Au. Again, additional mineralization was encountered in the footwall (FW) to the Sunshine mineralized horizon, grading 0.15 per cent Co, 0.71 per cent Cu and 0.03 g/t Au across 2.2 m CTW.
• Hole SS23-05 intersected 2.6 m CTW at 0.78 per cent Co, 0.12 per cent Cu and 0.41 g/t Au.
• Hole SS23-06A intersected 3.2 m CTW at 0.05 per cent Co, 0.89 per cent Cu and 0.07 g/t Au.
• Hole SS23-07 intersected 0.9 m CTW at 0.07 per cent Co, 1.10 per cent Cu and 0.03 g/t Au. In addition, mineralization was encountered in the HW to the Sunshine mineralized horizon, grading 0.78 per cent Co, 0.19 per cent Cu and 0.38 g/t Au across 0.9 m CTW, as well as in the FW to the Sunshine mineralized horizon, grading 0.25 per cent Co, 0.22 per cent Cu and 0.03 g/t Au.

These drilling results will be utilized to confirm historic drill intercepts, comprising 19,000 m (104 drill holes) of core drilling, within the Sunshine deposit and be incorporated alongside within an updated Australian JORC (Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves)/ Canadian CIM (Canadian Institute of Mining, Metallurgy and Petroleum) compliant Sunshine mineral resource estimate (MRE).

ICO continues with the resource extension program at its Ram deposit (see Australian Securities Exchange announcement dated Nov. 20, 2023, entitled "Jervois commences U.S. government-funded resource extension programme at ICO's RAM deposit").

Based on the existing U.S. Department of Defense $15.0-million (U.S.) agreement funding, costs for these exploration programs, up to the end of Q3 2024 for exploration development, drilling, logging, assaying, MRE modelling and Jervois program supervision, are fully reimbursed. The agreement funding is under the manufacturing capability expansion and investment prioritization office of industrial base policy using the U.S. DPA (Defense Production Act) Title III authorities, and utilizes funds from the Additional Ukraine Supplemental Appropriations Act.

Quality assurance

Jervois sent all drill core samples to ALS Global Laboratories (geochemistry division), an independent and fully accredited laboratory (ISO 9001:2008), in Vancouver, Canada, for analysis for gold by fire assay and multielement induction coupled plasma spectroscopy.

Jervois employs a regimented quality assurance/quality control (QA/QC) program where at least 10 per cent duplicates, blanks and certified reference material are inserted into each sample shipment.

Competent person's statement

The information in this release that relates to mineral exploration is based on information compiled by Andrew Turner, PGeol, who is a consultant for the company, and a member of the Association of Professional Engineers and Geoscientists of Alberta. Mr. Turner has sufficient experience which is relevant to the style of mineralization and type of deposit under consideration, and to the activity which he is undertaking to qualify as a competent person as defined in the 2012 edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr. Turner consents to the inclusion in the release of the matters based on the information in the form and context in which it appears.

Qualified person's statement

The technical content of this news release has been reviewed and approved by Andrew Turner, PGeol, a consultant for the company and a qualified person as defined by National Instrument 43-101.

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