Mr. Bryce Crocker reports

JERVOIS COMPLETES MAIDEN JORC RESOURCE FOR SUNSHINE AT ICO, USA

Jervois Global Ltd. has released its inaugural JORC/CIM-compliant (the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves/the Canadian Institute of Mining, Metallurgy and Petroleum) MRE (mineral resource estimate) for the Sunshine deposit, which, along with the RAM deposit, is part of its 100-per-cent-owned ICO in the United States.

This Sunshine MRE has been completed in accordance with modern international geological reporting standards, namely the Australian JORC Code 2012 and the CIM definition standards and best practice guidelines (2014, 2018, 2019), and is reported in accordance with the Canadian Securities Administrators National Instrument 43-101.

The Sunshine MRE was fully financed by the U.S. Department of Defense (DoD) under the DPA Title III $15-million (U.S.) award (agreement funding) signed in June, 2023. The agreement funding is under the manufacturing capability expansion and investment prioritization office of the Assistant Secretary of Defense for Industrial Base Policy using the U.S. DPA Title III authorities and uses funds from the Additional Ukraine Supplemental Appropriations Act.

The Sunshine MRE represents the first completed objective of the program under the DoD agreement funding to advance U.S. cobalt supply chain security. Other initially agreed deliverables with the DoD are well under way, with underground drilling targeting expansion of the existing RAM mineral deposit (see table 3) as announced on March 27, 2024, and a bankable feasibility study (BFS) on a U.S. cobalt refinery also advancing.

Highlights:

• Inaugural JORC mineral resource estimate (MRE) for the Sunshine deposit at Idaho cobalt operations (ICO) incorporates 1,100 metres (m) of verification drilling across seven drill holes;
• Sunshine hosts inferred resources of 520,000 metric tonnes at 0.50 per cent cobalt (Co), 0.68 per cent copper (Cu) and 0.49 gram per tonne (g/t) gold (Au), at a cut-off grade of 0.25 per cent Co;
• Inferred resources represent Sunshine's future potential as additional strategic, domestic United States cobalt supply to be processed at ICO's existing surface infrastructure;
• Sunshine MRE established via by United States DoD Defense Production Act (DPA) Title III $15-million (U.S.) award;
• Extensive historical data validated and incorporated within initial Sunshine MRE to maximize use of and leverage existing funding from U.S. DoD DPA Title III award;
• Jervois continues underground development to support extensional drilling of the RAM deposit at ICO with underground drilling under way;
• U.S. government has declared cobalt a critical mineral and a reserve or price floor to sustain domestic American production has been put forward by the U.S. Congressional Select Committee on the Chinese Communist Party.

Mineral resources

The MRE for the Sunshine deposit is presented in table 1 at a series of cut-off grades (CoGs), including 0.25 per cent Co, which has been selected for current reporting.

Sunshine verification drilling completed in 2023 was successful in confirming the validity of ICO's historic Sunshine dataset across both the Sunshine and Sunshine East deposits (collectively referred to as Sunshine) and provides confidence in its ability to generate reasonable confidence in developing a quantitatively accurate MRE. As part of the drilling efforts, robust QA/QC (quality assurance/quality control) protocol already in place from recent RAM resource drilling campaigns was used to ensure accuracy in reporting of the Sunshine MRE. By validating the available historic data for the Sunshine deposit, ICO is able to maximize its resource expansion efforts under its DPA Title III agreement funding as the focus of activity shifts toward the RAM resource extensional drilling program.

RAM extensional drilling is now under way within the ICO underground mine, with further mine drift development continuing to advance toward future planned drilling locations. Under the existing agreement funding, ICO expects to continue drilling operations throughout 2024 to support an updated RAM MRE.

The Sunshine MRE is derived through ordinary kriging, with unrotated block sizing of eight feet (ft) by eight ft by eight ft, with subblocking constrained by mineralized wireframe volumes. Through incorporating 1,100 m of 2023 resource verification drilling, employing robust QA/QC protocol, and accurate surficial and downhole geospatial surveying techniques, the Sunshine MRE is able to use historic data within its modern estimation practices. The grade-tonnage sensitivity for the current Sunshine MRE is shown in table 1.

The company's long-term forecasted metal prices, used for the evaluation of the reporting cut-off grade for the 2024 Sunshine MRE, remain unchanged from those used in the 2023 ICO MRE and BFS (bankable feasibility study), which are tabulated in table 2.

With the successful completion of its Sunshine resource verification drilling and MRE, Jervois's continuing DPA Title III efforts are focused on expanding the indicated and inferred depth continuity of the RAM MRE downdip of the deposit's central zone and along strike to the north. Underground development of exploration drill stations continues, with the underground drilling rigs and crews successfully mobilized to ICO in March, 2024, to commence the extensional drilling initiatives.

MRE methodology

Modelling was conducted in local mine grid co-ordinates (in U.S. feet). The MRE block model used an unrotated block size of eight ft (X) by eight ft (Y) by eight ft (Z) to honour the mineralization wireframes. The percentage of the volume of each block below the bare earth surface and within each mineralization domain was calculated using 3-D geological models and a 3-D surface model.

The Sunshine drill hole database consists of 105 drill holes that intersect the interpreted mineralization wireframes. The Co, Cu and Au assays were composited to five-foot composite lengths and the estimation used 1,600 composited samples. Unsampled intervals within the interpreted mineralization wireframes, assumed to be waste, are assigned a nominal waste value of half the detection limit of modern assay methods (0.005 per cent Co, 0.005 per cent Cu and 0.0025 g/t Au).

Estimation of Co, Cu and Au grades was completed using ordinary kriging in separate estimation passes for the interpreted primary Co and Cu mineralized zones of the deposit. The search ellipsoid size used to estimate each metal was defined by the modelled variograms. Block grade estimation employed locally varying anisotropy, which uses different rotation angles to define the principal directions of the variogram model and search ellipsoid on a per-block basis. Blocks were estimated exclusively for Co (domain A) and Cu (domain B) domains and stitched together where primary mineralization wireframes intersect using weighted ratings for estimated values where Co/Cu domains intersect of 80 per cent/20 per cent, respectively. The number of variogram structures, contributions of each structure and their ranges are set per estimation domain and do not vary within the estimation domain.

A total of 398 bulk density samples are available from the ICO drill hole database for Sunshine, of which 60 are within the modelled estimation domains. Jervois's geological adviser, Apex Geoscience Ltd., performed exploratory data analysis of the bulk density samples available and the density was assigned for mineralized and non-mineralized zones of the Sunshine deposit. The density of the deposit ranged from 2.68 grams per cubic centimetre (g/cm3) to 3.24 g/cm3, with a mean density value of 2.89 g/cm3 assigned for interpreted mineralized zones. Non-mineralized country rock was assigned a density of 2.80 g/cm3. Density values for the Sunshine MRE are aligned with those of the nearby RAM deposit and are believed to be of sufficient confidence for use in the current resource estimate of the Sunshine deposit.

There are no other factors or issues of which the JORC competent person (CP), NI 43-101 qualified person (QP), is aware that would materially affect the current Sunshine MRE other than normal risks faced by all mining projects. Sunshine and the ICO as a whole are subject to the same types of risks that large base metal projects experience at an early stage of development in United States. The nature of the risks relating to ICO will change as the mine evolves and more information becomes available. The company has engaged experienced management and specialized consultants to identify, manage and mitigate those risks.

Idaho cobalt operations consolidated mineral resource statement

Table 3 provides a consolidated mineral resource statement for the Idaho cobalt operations, including its RAM MRE 5 reported current on April 19, 2023, and its inaugural Sunshine MRE (subject of this news release). The Sunshine and RAM deposits are wholly contained within Jervois's contiguous claims group as part of the ICO.

Quality assurance

All drill core samples are sent 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 (ICPS). Jervois employs a regimented QA/QC program where at least 10-per-cent duplicates, blanks and certified reference material are inserted into each sample shipment. An examination of the QA/QC data associated with the recent Sunshine verification drilling completed at the ICO was conducted by Apex as part of its initial drilling database validation work and no issues were identified.

Historic Sunshine drill core samples were analyzed by independent laboratories Chemex Labs Inc., of Sparks, Nev., and Vancouver, Canada, as well as Bondar Clegg Laboratories Inc., of Reno, Nev., and Vancouver, Canada, both of which were subsequently acquired by ALS Global Laboratories.

Competent person's statement

The information in this news 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 that is relevant to the style of mineralization and type of deposit under consideration and to the activity that 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 news 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 Mr. Turner, a consultant for the company and a qualified person as defined by NI 43-101.

We seek Safe Harbor.