Cremorne, AU – TheNewswire – February 8, 2023 – Jervois Global Limited (“Jervois” or the “Company”) (ASX:JRV) (TSX-V:JRV) (OTC:JRVMF) has received all results from an in-fill drilling program at its Idaho Cobalt Operations (“ICO”) in Idaho, United States (“U.S.”), which have confirmed grade continuity and widths consistent with the Mineral Reserve and Resource Estimate (“MRRE”) at the RAM deposit.

Highlights:

• 2022 in-fill drilling at Jervois’ 100%-owned Idaho Cobalt Operations (“ICO”) improves confidence in the Mineral Reserve and Resource Estimate (“MRRE”) and further de-risks mining 

• Results now received from all 62 in-fill holes completed in 2022, which together with expansion drilling will be incorporated into an updated MRRE for ICO, expected Q2 2023 

• Results indicate continuity and consistency with existing RAM resource drilling and correspond well with grades and widths predicted by the existing RAM resource model  

• Geotechnical data gained from in-fill drilling adds to the existing database and increases confidence in ground conditions 

• In-fill drilling will continue through 2023 as ICO vertical mine development progresses 

• ICO is the only cobalt mine in the U.S., which Jervois expects to ramp up to nameplate capacity across Q2 2023 

Jervois’ 2022 in-fill drilling program at ICO totalled 7,730 metres (“m”) in 62 completed diamond drillholes, focused on the RAM deposit underpinning current mine development at ICO, along with a single geotechnical drillhole.  All 62 in-fill holes targeted and intersected the Main Mineralised Horizon (“MMH”) of the RAM deposit.  

As previously disclosed, in-fill drilling has confirmed the current RAM deposit MRRE model and continues to de-risk mining, with drillhole spacing reducing from 50m down to 20m in near term production fronts.

In-fill drilling is ongoing and will continue through 2023 as vertical mine development progresses, focused on production areas within the upper levels of the South Zone and lower levels of the Mid Zone of the deposit.

Table 1: All drill holes completed at RAM during the drilling period

Notes: True widths calculated for composite interval midpoint, perpendicular to the RAM deposit model. All results are reported uncut for both MMH and HW (hanging wall) zones.

        Drill hole JU22-003 drilled as a targeted hydrological/geotechnical cover hole for capital development.

Table 2: Supporting collar coordinates for currently reporting in-fill and expansion drill holes

Note: All coordinates provided in local ICO mine grid for both surface and underground drilling.

Figure 1: RAM Long Section including 2022 Expansion Drilling

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Figure 2: Section A

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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 multi-element Induction Coupled Plasma Spectroscopy.  Jervois employs a regimented Quality Assurance, Quality Control (“QA/QC”) program where at least 10% duplicates, blanks and certified reference material are inserted into each sample shipment.

On behalf of Jervois Global Limited

Bryce Crocker, Chief Executive Officer

For further information, please contact:

Competent Person’s Statement

The information in this release that relates to Mineral Exploration is based on information compiled by Andrew Turner, P.Geol. who is a consultant for the company and a member of The Association of Professional Engineers and Geoscientists of Alberta.  Andrew Turner has sufficient experience which is relevant to the style of mineralisation 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’.  Andrew 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, P.Geol., a consultant for the Company and a Qualified Person as defined by National Instrument 43-101.

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 the timing of drilling operations at ICO, the outcome of the drilling program, timing of an updated resource model 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.

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