Jervois commences U.S. Department of Defense funded drilling at ICO's RAM deposit

(TheNewswire)

Highlights:

• Following drift mine development alongside the RAM orebody at Jervois’ 100% owned Idaho Cobalt Operations (“ICO”), Jervois has commenced underground extension drilling from the existing mineral resource estimate (“MRE”) 

• Jervois is interpreting previously announced1 assay results from the Sunshine surface programme, with modelling of the deposit nearing completion 

• Sunshine and RAM exploration programmes are fully funded under the United States (“U.S.”) Government’s Department of Defense (“DoD”) Production Act Title III US$15.0 million grant award (“Agreement Funding”) 

• Prior to these exploration programmes, ICO’s mineral resource and reserve is already the largest and highest grade confirmed cobalt orebody in the U.S.   

• Cobalt is a critical mineral as declared by the U.S. Government due to cobalt’s aerospace, defense and energy transition applications 

• U.S. Congressional Select Committee on the Chinese Communist Party has put forward a reserve or price floor to sustain domestic American production 

27 March 2024 (Australia) / TheNewswire / Jervois Global Limited (“Jervois”) (ASX: JRV) (TSX-V: JRV) (OTC: JRVMF) has commenced the underground resource extension programme at the RAM deposit at its 100%-owned Idaho Cobalt Operations (“ICO”) in Idaho, U.S., via local contractors Small Mine Development and Major Drilling, funded under a US$15M agreement with the U.S. Government.

The RAM resource extension programme has completed approximately 50% of the underground exploration drift and step-out drilling to define potential extension of the existing RAM mineral resource has commenced.

Based on the existing US$15.0 million Agreement Funding, Jervois direct expenditure for the resource extension programme including exploration development drifts, drilling, logging, assaying, MRE modelling and other related Jervois supervision costs through Q4 2024, are fully funded by the U.S. DoD.

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 utilises funds from the Additional Ukraine Supplemental Appropriations Act.

On behalf of Jervois Global Limited

Bryce Crocker, CEO

For further information, please contact:

Forward-Looking Statements

This news release may contain certain “Forward-Looking Statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. When used in this news release, the words “anticipate”, “believe”, “estimate”, “expect”, “target, “plan”, “forecast”, “may”, “schedule”, “expected” and other similar words or expressions identify forward-looking statements or information. These forward-looking statements or information may relate to drilling outcomes at Sunshine, underground exploration development in the RAM deposit, drilling in the RAM deposit, mineral resource estimates for Sunshine, reimbursement payments from the DoD and certain other factors or information. Such statements represent Jervois’ current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by Jervois, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. Jervois does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affections such statements and information other than as required by applicable laws, rules and regulations.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

1 See ASX announcment dated 30 January 2024 (Australia), “Jervois completes DoD reimbursed Sunshine drilling” .

2 See ASX announcement dated 13 December 2023, “Jervois welcomes U.S. Congressional Select Committee proposal for a reserve to sustain cobalt price”

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