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Jervois Global Ltd.
Jervois Global Ltd.
Registriert in: Australien WKN: 867183 Rohstoffe:
Art: Originalaktie ISIN: AU000000JRV4 Gold
Silber
Kupfer
Nickel
Kobalt
Heimatbörse: Sydney/Melbourne Alternativ: JRV.V
Währung: AUD    
Symbol: JRV.AX Forum:

Jervois Quarterly Activities Report to 31 March 2022

29.04.2022 | 1:12 Uhr | The Newswire

Jervois Quarterly Activities Report to 31 March 2022

Jervois Global Ltd.

ACN: 007 626 575

ASX/TSXV: JRV

OTCQX: JRVMF

Corporate Information:

1,519.8M Ordinary Shares

94.9M Options

3.6M Performance Rights

Non-Executive Chairman

Peter Johnston

CEO and Executive Director

Bryce Crocker

Non-Executive Directors

Brian Kennedy
Michael Callahan

David Issroff

Company Secretary

Alwyn Davey

Contact Details

Suite 2.03,

1-11 Gordon Street
Cremorne

Victoria 3121

Australia

P: +61 (3) 9583 0498

E: admin@jervoisglobal.com

W: www.jervoisglobal.com

Highlights

  • -Jervois Finland Q1 2022 revenue of US$105.1 million (+9% vs Q4 2021)

  • -Jervois Finland Q1 2022 adjusted EBITDA of US$14.9 million

  • -Jervois completes first US$50 million drawdown from its US$100 million bond offering; proceeds to advance construction of its Idaho Cobalt Operations ("ICO"), United States

  • -Underground drilling commences at ICO, with 5,800 metres of infill drilling planned during 2022

  • -Jervois planning surface and underground drilling programmes to focus on resource expansion at ICO

  • -ICO construction continues with first production anticipated in Q3 2022

  • -Announcement of the São Miguel Paulista ("SMP") Stage 1 BFS restart to produce mixed nickel hydroxide ("MHP") and cobalt hydroxide. Initial Stage 1 forecast production of 10,000mtpa and 2,000mtpa of refined nickel and cobalt metal cathode, respectively

  • -Jervois joins the FTSE All-World and SP/ ASX 300 indices in March following rebalances

  • -Jervois ends March 2022 quarter with US$88.2 million in unrestricted and unescrowed cash, and debt drawn down of US$125.0 million1

Jervois Finland

Sales and Marketing

Li-ion battery demand continues to lead the cobalt market, with demand steady but robust in other applications. Jervois achieved Q1 2022 revenue of US$105.1 million (an increase of +9% versus the prior quarter, Q4 2021), generated via quarterly cobalt sales volume of 1,446 metric tonnes.

Production during the quarter was 1,275 metric tonnes, reflecting challenging conditions for supplier logistics, including global shipping markets. These factors affected Q1 production rates at Jervois' facilities. Jervois is focused on working with its key suppliers to ensure adequate cobalt hydroxide raw material sourced by Jervois is made available to the Umicore refinery.

Jervois continues to prudently manage its balance sheet and drew down an additional US$17.5 million in the quarter to fund Jervois Finland's working capital requirements and to maintain financial flexibility. Volatility and uncertainty in global commodity markets has increased following Russia's invasion of Ukraine.

Jervois' outlook for key market segments is summarised below.

Chemicals, Catalysts and Ceramics

  • -Robust demand in key copper electrowinning (EW"), coatings and rubber adhesion applications. Premiums remain stable in western markets. Lower premiums in Asia

  • -Cobalt consumption in hydro-desulphurisation (HDS") applications stable at historically lower levels. The rising oil price may increase the catalyst changeout frequency going forward

    -Increased energy (gas) costs and supply chain disruptions of a key ceramic raw material out of the Ukraine, are affecting operations at ceramic tile producers, particularly in Europe. This situation is having a negative knock-on effect at ceramic ink manufacturers

Powder Metallurgy

  • -Outlook for 2022 stable, with the primary uncertainty surrounded by automotive and the situation in Ukraine:

    • -Aerospace continues to strengthen

      -All other markets remain strong, as energy (oil gas) continues to strengthen due to solid demand and higher prices

      -Automotive remains unclear; however, as semiconductor availability improves, the auto build rate will also increase

Batteries

  • -Li-ion battery demand (electric vehicles (EVs") and electronics) continues to meet or exceed forecasts

    -Global electric vehicle production strong, but hampered by the lack of semiconductors

    -NMC cathode chemistry remains the cathode chemistry of choice for longer range vehicles. Cobalt consumption remains strong with demand for both sulphate and metal keeping Fastmarkets MB SG price close to US$40.00/lb

Financial Performance2

Jervois Finland Q1 2022 revenue of US$105.1 million represented an increase of +9% over the prior quarter. Significantly, the Q1 2022 adjusted EBITDA of US$14.9 million was nearly a four-fold increase over the prior quarter, demonstrating the robust nature of the business once higher cobalt prices begin to be realised.

Figure 1: Jervois Finland Financial Metrics and Market Price Indicators


Click Image To View Full Size

Revenue performance was supported by strengthening cobalt prices, with Q1 2022 representing the fourth successive quarter of revenue growth. Adjusted EBITDA performance in the quarter was underpinned by lower realised feed costs, that were favourably impacted by a net draw down of cobalt feed inventories in a rising price environment. This was partially offset by transitional factors associated with the increase in cobalt prices during the quarter. This includes both a lag in cobalt prices flowing through revenue, and effects of mark-to-market accounting on cobalt purchases.

A key focus for the business is addressing emerging headwinds. While the direct impacts to the business resulting from the Russian invasion of Ukraine has been limited and is isolated to certain consumables, indirect impacts are intensifying with reduced reliability in supply chains and cost pressures emerging. Managing these risks and containing inflationary impacts is a key objective for the remainder of the year.

2022 EBITDA Guidance

EBITDA guidance for full year 2022 is unchanged at US$50.0 to US$55.0 Million (Table 1).

Table 1: Updated 2022 EBITDA guidance for Jervois Finland

2022 Guidance

Q2-Q4 Cobalt price (Metal Bulletin Fastmarkets SG) - US$/lb

US$39.75/lb

2022 sales volumes guidance - Tonnes

5,750 to 6,000

2022 EBITDA guidance - US$M (unchanged)

US$50.0 - 55.0M

Key factors that underpin the guidance update are as follows:

  • -Guidance based on actual cobalt price (Metal Bulletin Fastmarkets Standard Grade) of US$35.70/lb for Q1 2022, and US$39.75/lb spot price for Q2 to Q4 2022

    -Price volatility in Q1 2022 moderates flow through benefit of price increase to EBITDA (revenue lag and mark-to-market impacts)

    -Lower sales volume guidance reflects logistical and supply chain interruptions - managing these risks will remain key focus for remainder of the year

    -Guidance assumes constant prices for Q2 to Q4 2022 - price volatility in the period will impact actual EBITDA outcome

Idaho Cobalt Operations ("ICO"), United States

ICO is a key asset in delivering Jervois' strategy to become a leading independent cobalt and nickel company providing metals and minerals for the world's energy transition through a Western supply chain. With commissioning expected in Q3 2022, ICO will be the United States' only primary domestic mine supply of cobalt, a critical mineral used in applications across industry, defence, energy, and EVs.

Following a cost and schedule review for ICO in December 2021, which led to a revised capital estimate of US$99.1 million, Jervois continued to progress construction of the project. In February, the Company announced it had completed the first of two US$50 million drawdowns of its US$100 million bond offering proceeds from the escrow account (the "Bonds") as contemplated by the terms of the Bonds, as detailed in the Corporate section of this report.

Surface construction continued during the quarter with advancement on mill foundations, the completion of the structural steel for the concentrator building, completion of the crushed ore bin and commencement of the camp construction with the first sleeper units of the camp installed. Mine development by regional contractor Small Mine Development continued during the quarter, with the completion of the explosives magazines and initial underground drill bays as well as the first ore access development, the start of the underground maintenance infrastructure and the main access decline. During the quarter, approximately 50,000 short tons were moved from the mine to the tailings and waste storage facility.

At end March, Jervois had committed US$74.6 million of the total capital expenditure budget. Capital expenditure in Q1 2022 was US$19.6 million, and construction remains on budget and schedule. First concentrate production at ICO is anticipated for Q3 2022 and Jervois expects to reach sustainable commercial production in December 2022.

Drilling at ICO

In January, Jervois announced its Board had approved an initial infill programme at ICO to commence in Q1 2022. Jervois committed US$1.2 million to complete approximately 5,800 metres of underground drilling at its RAM deposit within ICO. The infill drilling campaign across 2022 will reduce drill hole spacing in the underground resource ahead of first production and is underway.

During the quarter, approximately 300 metres (1,000 feet) of initial drilling was completed.

In addition, Jervois' team at ICO is planning a resource expansion drill programme from surface between April to November 2022, when site conditions allow.

ICO's RAM deposit remains open at depth, and Jervois has confidence that there exists a strong potential of resource and reserve expansion. Further details on this additional programme will be advised once finalised and approved. Expansion of the resource is important if ICO is to operate for longer than its initial mine life, or at higher production rates than contained in the ICO Bankable Feasibility Study ("BFS").

São Miguel Paulista ("SMP") nickel and cobalt refinery, Brazil

Jervois' BFS for the SMP Nickel and Cobalt refinery was announced on 29 April 2022, with the following highlights:

  • -SMP restart based on MHP and cobalt hydroxide.

  • -Initial Stage 1 forecast production of 10,000mtpa3 and 2,000mtpa of refined nickel and cobalt metal cathode respectively. Stage 2 BFS regarding a return to full 25,000mtpa refined nickel production capacity expected to be finalized in the second half of 2022.

    -Net Present Value ("NPV") for Stage 1 restart of US$228 million and US$141 million at an 8% (real) discount rate on a pre-tax and post-tax basis respectively; nominal Internal Rate of Return ("IRR") of 47% (pre tax) and 35% (post tax).

  • -At US$8.00/lb nickel and US$25.00/lb cobalt, post ramp up of Stage 1 to BFS production rates, average annual EBITDA in real terms projected to be over US$30 million. Refinery economics resilient to a range of market scenarios, including current spot market conditions for refined and intermediate products.

  • -Total project capital cost of US$55 million, representing a competitive refurbishment of an existing brownfield nickel and cobalt refinery. SMP has a long operating history, most recently placed into care and maintenance managed by current owner Companhia Brasil de Alumino ("CBA").

  • -Restarting the only electrolytic nickel-cobalt refinery in South and Latin America will deliver significant local and regional economic and social benefits to the São Miguel Paulista area of São Paulo city, Brazil.

  • -SMP benefits from competitive low carbon energy (predominantly hydropower), skilled workforce, existing infrastructure including main arterial roads and ~120km from Brazil's largest container port at Santos.

  • -Jervois is advancing discussions on commercial supply contracts of MHP and cobalt hydroxide to underpin SMP restart.

  • -Work continues on design of an autoclave to process cobalt concentrates from Jervois's 100%-owned ICO; once available, this will be incorporated into the Stage 1 BFS. Stage 2 BFS taking refined nickel output back to the previous 25,000mtpa capacity on track for completion in the second half of 2022.

  • -Execution planning has commenced and a final investment decision for Stage 1 is anticipated to occur in parallel to closing of the SMP acquisition. Jervois continues to advance operating permit renewal process with the São Paulo City Hall, a condition precedent to closing, before 31 August 2022.

  • -First commercial production from SMP's Stage 1 restart is expected during 2023.

Nico Young Nickel-Cobalt Project, New South Wales, Australia

Jervois' 100%-owned Nico Young nickel and cobalt project envisages heap leaching nickel and cobalt laterite ore to produce either an intermediate mixed hydroxide precipitate or refining through to battery grade nickel sulphate and cobalt in refined sulphide.

Jervois' Board has approved recommencement of drilling at Nico Young, with an initial focus on converting inferred resources into the indicated category. Planning activities advanced during the quarter in relation to land access, stakeholder engagement and selection of drilling contractors.

Corporate Activities

Environmental, Social, Governance ("ESG") and Compliance

Substantial progress was made in the quarter through disclosure of Jervois' inaugural 2021 Sustainability Report. The report outlines Jervois' ESG performance gauged against key sustainability targets and progress towards translating sustainability commitments into action.

Also, within the quarter, the Board approved adoption of a new Human Rights Policy and Jervois issued its first Modern Slavery Statement. Both strongly reaffirm our commitment to respect human rights, including those concerning labour rights, indigenous rights and women's rights and the range of other rights and freedoms enshrined in the Universal Declaration of Human Rights and ILO Core Conventions.

Coordination on these reports between technical leads in Finland, the United States and Brazil further reinforced efforts to harmonise ESG policies and procedures across the organisation. Among areas of progress, with respect to ISO 14001 and 45001 certifications, ICO began to assess related requirements and timelines and made significant process in stakeholder mapping. Headway was also made on engagements to support community agreements. SMP similarly initiated a structured stakeholder mapping process to inform its engagement and community investment strategies.

Health and safety continued to be at the forefront at all operations. While Jervois Finland continued to implement its well developed OHS systems as operations continue, ICO is advancing construction rapidly, requiring exceptional leadership and diligence to ensure that all contractors and a growing number of employees strictly adhere to our high OHS standards.

Substantial efforts were taken in the quarter to both bolster foundational procedures and expand leading actions.

On other fronts, progress in advancing internal climate strategies was most pronounced at Jervois Finland through operational planning and actions related to energy, waste and water consumption and related R&D efforts. ICO's collaboration with the Idaho Conservation League ("ICL") under the "Upper Salmon Conservation Action Program" ("USCAP") continued with the second call for proposals launched in the quarter, results of which will be announced in May 2022.

In conjunction with the Company's broader approach to ESG, Jervois continues its involvement in various initiatives and associations, including the Cobalt Institute's Responsible Sourcing and Sustainability Committee ("RESSCOM). Jervois continues to be an active member of the United States Zero Emission Transportation Association ("ZETA"), of which the Company is a founding member alongside industry leaders such as Tesla, Albemarle and Livent. Jervois additionally had representation in workshops reviewing the Global Battery Alliance ("GBA") carbon footprint calculations rulebook.

Liquidity

Jervois ended the March 2022 quarter with US$88.2 million in cash (excluding restricted cash associated with the US$100 million ICO Bonds).

In February 2022, Jervois completed the first of two drawdowns, utilising US$50 million from its US$100 million bond offering proceeds from its escrow account, as contemplated by the terms of the Bonds.

First drawdown on the Bonds followed RPM Global's January 2022 site visit in its capacity as Independent Engineer on behalf of the Bondholders, and submission to the Bonds trustee of an affirmed cost to complete test, confirming Jervois' ICO development project is expected to be fully funded to completion.

Jervois is using these funds exclusively for ongoing construction of ICO.


In March 2022, the Company's wholly owned subsidiary, Jervois Finland, drew down an additional US$17.5 million under the US$75.0 million Mercuria secured revolving credit facility, with the funds received on 14 March 2022. The facility was thus fully drawn at quarter close, consistent with rising cobalt prices.

Jervois Index Inclusion

Jervois entered the FTSE All-World Index on 18 March 2022 and the S&P/ASX 300 on 22 March 2022.

The FTSE All-World Index is a market-capitalisation weighted index representing the performance of the large and mid-cap stocks from the FTSE Global Equity Index Series ("GEIS"), which covers approximately 95% of the world's investable public market capitalisation. The index covers both Developed and Emerging markets and is suitable as the basis for investment products, such as funds, derivatives, and exchange-traded funds. Leading constituents include Apple, Microsoft, Alphabet, Meta Platforms and Amazon.

The ASX 300 Index measures performance of the largest 300 companies publicly listed on the Australian Securities Exchange, or ASX.

Jervois Annual Reporting

In March, Jervois released its 2021 Annual Report, as well as its Sustainability Report, Corporate Governance Statement, Modern Slavery Statement, Human Rights Policy, Code of Ethics and Business Conduct, Supplier Standard and Appendix 4G. These documents can be found on its website at https://jervoisglobal.com/investors/asx-announcements/

Jervois Annual General Meeting date

Jervois advised its Annual General Meeting will be on Friday 6 May 2022 at 9.00am (AEST), to be conducted in person and online for interested shareholders unable to attend.

Jervois released a Notice of Meeting for its AGM to the ASX on 4 April 2022, along with proxy forms and a Canadian Voting Instruction Form.

Investor Relations

During the quarter, Chief Executive Officer Mr. Bryce Crocker and Chief Financial Officer Mr. James May participated in Hollywood, Florida, United States at the BMO Capital Markets 31st Global Metals & Mining Conference, with the Company both presenting and holding 1:1 investor meetings.

Mr. May also delivered an online investor presentation on 30 March 2022 as part of a Virtual Conference coordinated by NWR Communications.

After the quarter end, Mr. Crocker participated in the Clarksons Platou Securities Battery Minerals Panel, on 27 April 2022, and provided a Company presentation.

Jervois Mining USA Limited Bond Listing

In April 2022, pursuant to the terms of the Bonds, the Bonds were listed on the Nordic ABM, a list of registered bonds operated by Oslo Børs ASA.

Exploration and Development Expenditure

No material cash expenditure on exploration and development was incurred during the quarter. Activities at ICO are now classified as Assets Under Construction and incurred cash expenditure of US$19.6 million in the quarter.

Brazilian development cash expenditure totalled R$6.6 million (A$1.7 million) during the quarter, as the SMP Stage 1 BFS was finalised for publication, and testwork advanced associated with an autoclave to increase operating flexibility.

Insider Compensation Reporting

During the quarter, A$0.1 million was paid to Non-Executive Directors and A$0.3 million was paid to the CEO (Executive Director).

NON-CORE ASSETS

Jervois' non-core assets are summarised on the Company's website.

ASX WAIVER INFORMATION

On 6 June 2019, the ASX granted a waiver to Jervois in respect of extending the period to 8 November 2023 in which it may issue new Jervois shares to the eCobalt option holders as part of the eCobalt transaction.

As at 31 March 2022, the following Jervois shares were issued in the quarter on exercise of eCobalt options and the following eCobalt options remain outstanding:

Jervois shares issued in the quarter on exercise of eCobalt options:

Nil

eCobalt options remaining*

1,344,750

1,179,750

1,980,000

eCobalt options exercisable until 28 June 2022 at C$0.71 each

eCobalt options exercisable until 28 June 2023 at C$0.61 each

eCobalt options exercisable until 1 October 2023 at C$0.53 each

4,504,500

* The number of options represent the number of Jervois shares that will be issued on exercise. The exercise price represents the price to be paid for the Jervois shares when issued.

By Order of the Board

Bryce Crocker

Chief Executive Officer

For further information, please contact:

Investors and analysts:

James May

Chief Financial Officer

Jervois Global Ltd.

james.may@jervoisglobal.com

Media:

Nathan Ryan

NWR Communications

nathan.ryan@nwrcommunications.com.au

Mob: +61 420 582 887

BASIS OF PREPARATION OF FINANCIAL INFORMATION

Historical financial information for Jervois Finland prior to acquisition by Jervois Global Ltd. on 1 September 2021 is based on unaudited financial statements that have been prepared in accordance with US GAAP and accounting principles applied under its ownership by Freeport McMoRan Inc. Financial information presented for the period prior to acquisition by Jervois Global on 1 September 2021 is presented on a proforma basis for illustrative purposes only.

Financial information presented for periods after acquisition on 1 September 2021 is prepared under Jervois group accounting policies, which conform with Australian Accounting Standards ("AASBs") and International Financial Reporting Standards ("IFRS"). The Jervois Finland financial results for the period post-acquisition are consolidated into the Jervois Global consolidated financial statements. Information presented is unaudited.

EBITDA for historical periods is presented as net income after adding back tax, interest, depreciation and extraordinary items and is a non-IFRS/non-GAAP measure.

The Jervois Finland 2022 guidance consists of actual results for January to March and forecast results for April to December. The forecast period includes an assumption of a forecast quoted cobalt price of US$39.75/lb. Other forecast assumptions, including production, sales plans, costs and exchange rates are based on Jervois' internal estimates.

Adjusted EBITDA represents EBITDA attributable to Jervois, adjusted to exclude items which do not reflect the underlying performance of the company's operations. Exclusions from adjusted EBITDA are items that require exclusion in order to maximise insight and consistency on the financial performance of the company's operations. Exclusions include gains/losses on disposals, impairment charges (or reversals), certain derivative items, and one-off costs related post-acquisition integration. A reconciliation of EBITDA to Adjusted EBITDA for Jervois Finland is included in the Investor Presentation dated 29 April 2022.

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" and other similar words or expressions identify forward-looking statements or information. These forward-looking statements or information may relate to future EBITDA for the group, operations at Jervois Finland, construction work to be undertaken at ICO, timing of production at ICO, certain production timing, capital costs, operating costs, production processes and other assumptions contained in the studies on the SMP refinery, closing of the acquisition of SMP refinery, utilisation of the working capital facility, utilisation of the ICO Bond, the reliability of third party information, and certain other factors or information. Such statements represent the Company's current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, 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. The Company 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.

Idaho Cobalt Operations - 100% Interest owned

Claim Name

County #

IMC #

SUN 1

222991

174156

SUN 2

222992

174157

SUN 3 Amended

245690

174158

SUN 4

222994

174159

SUN 5

222995

174160

SUN 6

222996

174161

SUN 7

224162

174628

SUN 8

224163

174629

SUN 9

224164

174630

SUN 16 Amended

245691

177247

SUN 18 Amended

245692

177249

Sun 19

277457

196394

SUN FRAC 1

228059

176755

SUN FRAC 2

228060

176756

TOGO 1

228049

176769

TOGO 2

228050

176770

TOGO 3

228051

176771

DEWEY FRAC Amended

248739

177253

Powder 1

269506

190491

Powder 2

269505

190492

LDC-1

224140

174579

LDC-2

224141

174580

LDC-3

224142

174581

LDC-5

224144

174583

LDC-6

224145

174584

LDC-7

224146

174585

LDC-8

224147

174586

LDC-9

224148

174587

LDC-10

224149

174588

LDC-11

224150

174589

LDC-12

224151

174590

LDC-13 Amended

248718

174591

LDC-14 Amended

248719

174592

LDC-16

224155

174594

LDC-18

224157

174596

LDC-20

224159

174598

LDC-22

224161

174600

LDC FRAC 1 Amended

248720

175880

LDC FRAC 2 Amended

248721

175881

LDC FRAC 3 Amended

248722

175882

LDC FRAC 4 Amended

248723

175883

LDC FRAC 5 Amended

248724

175884

RAM 1

228501

176757

RAM 2

228502

176758

RAM 3

228503

176759

RAM 4

228504

176760

RAM 5

228505

176761

RAM 6

228506

176762

RAM 7

228507

176763

RAM 8

228508

176764

RAM 9

228509

176765

RAM 10

228510

176766

RAM 11

228511

176767

RAM 12

228512

176768

RAM 13 Amended

245700

181276

RAM 14 Amended

245699

181277

RAM 15 Amended

245698

181278

RAM 16 Amended

245697

181279

Ram Frac 1 Amended

245696

178081

Ram Frac 2 Amended

245695

178082

Ram Frac 3 Amended

245694

178083

Ram Frac 4 Amended

245693

178084

HZ 1

224173

174639

HZ 2

224174

174640

HZ 3

224175

174641

HZ 4

224176

174642

HZ 5

224413

174643

HZ 6

224414

174644

HZ 7

224415

174645

HZ 8

224416

174646

HZ 9

224417

174647

HZ 10

224418

174648

HZ 11

224419

174649

HZ 12

224420

174650

HZ 13

224421

174651

HZ 14

224422

174652

HZ 15

231338

178085

HZ 16

231339

178086

HZ 18

231340

178087

HZ 19

224427

174657

Z 20

224428

174658

HZ 21

224193

174659

HZ 22

224194

174660

HZ 23

224195

174661

HZ 24

224196

174662

HZ 25

224197

174663

HZ 26

224198

174664

HZ 27

224199

174665

HZ 28

224200

174666

HZ 29

224201

174667

HZ 30

224202

174668

HZ 31

224203

174669

HZ 32

224204

174670

HZ FRAC

228967

177254

JC 1

224165

174631

JC 2

224166

174632

JC 3

224167

174633

JC 4

224168

174634

JC 5 Amended

245689

174635

JC 6

224170

174636

JC FR 7

224171

174637

JC FR 8

224172

174638

JC 9

228054

176750

JC 10

228055

176751

JC 11

228056

176752

JC-12

228057

176753

JC-13

228058

176754

JC 14

228971

177250

JC 15

228970

177251

JC 16

228969

177252

JC 17

259006

187091

JC 18

259007

187092

JC 19

259008

187093

JC 20

259009

187094

JC 21

259010

187095

JC 22

259011

187096

CHELAN NO. 1 Amended

248345

175861

GOOSE 2 Amended

259554

175863

GOOSE 3

227285

175864

GOOSE 4 Amended

259553

175865

GOOSE 6

227282

175867

GOOSE 7 Amended

259552

175868

GOOSE 8 Amended

259551

175869

GOOSE 10 Amended

259550

175871

GOOSE 11 Amended

259549

175872

GOOSE 12 Amended

259548

175873

GOOSE 13

228028

176729

GOOSE 14 Amended

259547

176730

GOOSE 15

228030

176731

GOOSE 16

228031

176732

GOOSE 17

228032

176733

GOOSE 18 Amended

259546

176734

GOOSE 19 Amended

259545

176735

GOOSE 20

228035

176736

GOOSE 21

228036

176737

GOOSE 22

228037

176738

GOOSE 23

228038

176739

GOOSE 24

228039

176740

GOOSE 25

228040

176741

SOUTH ID 1 Amended

248725

175874

SOUTH ID 2 Amended

248726

175875

SOUTH ID 3 Amended

248727

175876

SOUTH ID 4 Amended

248717

175877

SOUTH ID 5 Amended

248715

176743

SOUTH ID 6 Amended

248716

176744

South ID 7

306433

218216

South ID 8

306434

218217

South ID 9

306435

218218

South ID 10

306436

218219

South ID 11

306437

218220

South ID 12

306438

218221

South ID 13

306439

218222

South ID 14

306440

218223

OMS-1

307477

218904

Chip 1

248956

184883

Chip 2

248957

184884

Chip 3 Amended

277465

196402

Chip 4 Amended

277466

196403

Chip 5 Amended

277467

196404

Chip 6 Amended

277468

196405

Chip 7 Amended

277469

196406

Chip 8 Amended

277470

196407

Chip 9 Amended

277471

196408

Chip 10 Amended

277472

196409

Chip 11 Amended

277473

196410

Chip 12 Amended

277474

196411

Chip 13 Amended

277475

196412

Chip 14 Amended

277476

196413

Chip 15 Amended

277477

196414

Chip 16 Amended

277478

196415

Chip 17 Amended

277479

196416

Chip 18 Amended

277480

196417

Sun 20

306042

218133

Sun 21

306043

218134

Sun 22

306044

218135

Sun 23

306045

218136

Sun 24

306046

218137

Sun 25

306047

218138

Sun 26

306048

218139

Sun 27

306049

218140

Sun 28

306050

218141

Sun 29

306051

218142

Sun 30

306052

218143

Sun 31

306053

218144

Sun 32

306054

218145

Sun 33

306055

218146

Sun 34

306056

218147

Sun 35

306057

218148

Sun 36

306058

218149

Chip 21 Fraction

306059

218113

Chip 22 Fraction

306060

218114

Chip 23

306025

218115

Chip 24

306026

218116

Chip 25

306027

218117

Chip 26

306028

218118

Chip 27

306029

218119

Chip 28

306030

218120

Chip 29

306031

218121

Chip 30

306032

218122

Chip 31

306033

218123

Chip 32

306034

218124

Chip 33

306035

218125

Chip 34

306036

218126

Chip 35

306037

218127

Chip 36

306038

218128

Chip 37

306039

218129

Chip 38

306040

218130

Chip 39

306041

218131

Chip 40

307491

218895

DRC NW 1

307492

218847

DRC NW 2

307493

218848

DRC NW 3

307494

218849

DRC NW 4

307495

218850

DRC NW 5

307496

218851

DRC NW 6

307497

218852

DRC NW 7

307498

218853

DRC NW 8

307499

218854

DRC NW 9

307500

218855

DRC NW 10

307501

218856

DRC NW 11

307502

218857

DRC NW 12

307503

218858

DRC NW 13

307504

218859

DRC NW 14

307505

218860

DRC NW 15

307506

218861

DRC NW 16

307507

218862

DRC NW 17

307508

218863

DRC NW 18

307509

218864

DRC NW 19

307510

218865

DRC NW 20

307511

218866

DRC NW 21

307512

218867

DRC NW 22

307513

218868

DRC NW 23

307514

218869

DRC NW 24

307515

218870

DRC NW 25

307516

218871

DRC NW 26

307517

218872

DRC NW 27

307518

218873

DRC NW 28

307519

218874

DRC NW 29

307520

218875

DRC NW 30

307521

218876

DRC NW 31

307522

218877

DRC NW 32

307523

218878

DRC NW 33

307524

218879

DRC NW 34

307525

218880

DRC NW 35

307526

218881

DRC NW 36

307527

218882

DRC NW 37

307528

218883

DRC NW 38

307529

218884

DRC NW 39

307530

218885

DRC NW 40

307531

218886

DRC NW 41

307532

218887

DRC NW 42

307533

218888

DRC NW 43

307534

218889

DRC NW 44

307535

218890

DRC NW 45

307536

218891

DRC NW 46

307537

218892

DRC NW 47

307538

218893

DRC NW 48

307539

218894

EBatt 1

307483

218896

EBatt 2

307484

218897

EBatt 3

307485

218898

EBatt 4

307486

218899

EBatt 5

307487

218900

EBatt 6

307488

218901

EBatt 7

307489

218902

EBatt 8

307490

218903

OMM-1

307478

218905

OMM-2

307479

218906

OMN-2

307481

218908

OMN-3

307482

218909

BTG-1

307471

218910

BTG-2

307472

218911

BTG-3

307473

218912

BTG-4

307474

218913

BTG-5

307475

218914

BTG-6

307476

218915

NFX 17

307230

218685

NFX 18

307231

218686

NFX 19

307232

218687

NFX 20

307233

218688

NFX 21

307234

218689

NFX 22

307235

218690

NFX 23

307236

218691

NFX 24

307237

218692

NFX 25

307238

218693

NFX 30

307243

218698

NFX 31

307244

218699

NFX 32

307245

218700

NFX 33

307246

218701

NFX 34

307247

218702

NFX 35

307248

218703

NFX 36

307249

218704

NFX 37

307250

218705

NFX 38

307251

218706

NFX 42

307255

218710

NFX 43

307256

218711

NFX 44

307257

218712

NFX 45

307258

218713

NFX 46

307259

218714

NFX 47

307260

218715

NFX 48

307261

218716

NFX 49

307262

218717

NFX 50

307263

218718

NFX 56

307269

218724

NFX 57

307270

218725

NFX 58

307271

218726

NFX 59

307272

218727

NFX 60 Amended

307558

218728

NFX 61

307274

218729

NFX 62

307275

218730

NFX 63

307276

218731

NFX 64

307277

218732

OMN-1 revised

315879

228322

Australian Tenements

Description

Tenement number

Interest owned %

Ardnaree (NSW)

EL 5527

100.0

Thuddungra (NSW)

EL 5571

100.0

Nico Young (NSW)

EL 8698

100.0

Ardnaree Magnesite (NSW)

EL 8763

100.0

West Arunta (WA)

E80 4820

20.0

West Arunta (WA)

E80 4986

20.0

West Arunta (WA)

E80 4987

20.0

Uganda Exploration Licences

Description

Exploration Licence number

Interest owned %

Bujagali

EL1666

100.0

Bujagali

EL1682

100.0

Bujagali

EL1683

100.0

Bujagali

EL1665

100.0

Kilembe Area

EL1674

100.0

Kilembe Area

EL0012

100.0

Appendix 5B

Mining exploration entity or oil and gas exploration entity
quarterly cash flow report

Name of entity

Jervois Global Ltd.

ABN

Quarter ended ("current quarter")

52 007 626 575

31 March 2022

Consolidated statement of cash flows

Current quarter
$A'000

Year to date

(3 months)

$A'000

1.

Cash flows from operating activities

132,357

132,357

1.1

Receipts from customers

1.2

Payments for

-

-

  1. (a)exploration evaluation

  1. (b)development

-

-

  1. (c)production

(128,957)

(128,957)

  1. (d)staff costs

(3,311)

(3,311)

  1. (e)administration and corporate costs

(1,548)

(1,548)

1.3

Dividends received (see note 3)

-

-

1.4

Interest received

-

-

1.5

Interest and other costs of finance paid

(10,081)

(10,081)

1.6

Income taxes paid

(4,953)

(4,953)

1.7

Government grants and tax incentives

-

-

1.8

Other - incl. business development costs and SMP BFS costs

(1,739)

(1,739)

1.9

Net cash from / (used in) operating activities

(18,232)

(18,232)

2.

Cash flows from investing activities

-

-

2.1

Payments to acquire or for:

  1. (a)entities

  1. (b)tenements

-

-

  1. (c)property, plant and equipment - incl. assets under construction

(28,928)

(28,928)

  1. (d)exploration evaluation

(11)

(11)

  1. (e)acquisition of subsidiaries

-

-

  1. (f)transfer tax on acquisition

-

-

  1. (g)other non-current assets

-

-

2.2

Proceeds from the disposal of:

-

-

  1. (a)entities

  1. (b)tenements

-

-

  1. (c)property, plant and equipment

-

-

  1. (d)investments

-

-

  1. (e)other non-current assets

-

-

2.3

Cash flows from loans to other entities

-

-

2.4

Dividends received (see note 3)

-

-

2.5

Other - SMP Refinery Purchase: lease payment

-

-

2.6

Net cash from / (used in) investing activities

(28,939)

(28,939)

3.

Cash flows from financing activities

-

-

3.1

Proceeds from issues of equity securities (excluding convertible debt securities)

3.2

Proceeds from issue of convertible debt securities

-

-

3.3

Proceeds from exercise of options

304

304

3.4

Transaction costs related to issues of equity securities or convertible debt securities

(1,164)

(1,164)

3.5

Proceeds from borrowings

101,858

101,858

3.6

Repayment of borrowings

-

-

3.7

Transaction costs related to loans and borrowings

-

-

3.8

Dividends paid

-

-

3.9

Other

-

-

3.10

Net cash from / (used in) financing activities

100,998

100,998

4.

Net increase / (decrease) in cash and cash equivalents for the period

4.1

Cash and cash equivalents at beginning of period

67,730

67,730

4.2

Net cash from / (used in) operating activities (item 1.9 above)

(18,232)

(18,232)

4.3

Net cash from / (used in) investing activities (item 2.6 above)

(28,939)

(28,939)

4.4

Net cash from / (used in) financing activities (item 3.10 above)

100,998

100,998

4.5

Effect of movement in exchange rates on cash held

(3,795)

(3,795)

4.6

Cash and cash equivalents at end of period

117,762

117,762

5.

Reconciliation of cash and cash equivalents
at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts

Current quarter
$A'000

Previous quarter
$A'000

5.1

Bank balances

117,762

67,730

5.2

Call deposits

-

-

5.3

Bank overdrafts

-

-

5.4

Other (provide details)

-

-

5.5

Cash and cash equivalents at end of quarter (should equal item 4.6 above)

117,762

67,630

6.

Payments to related parties of the entity and their associates

Current quarter
$A'000

6.1

Aggregate amount of payments to related parties and their associates included in item 1

425

6.2

Aggregate amount of payments to related parties and their associates included in item 2

-

Note: if any amounts are shown in items 6.1 or 6.2, your quarterly activity report must include a description of, and an explanation for, such payments.

7.

Financing facilities
Note: the term "facility' includes all forms of financing arrangements available to the entity.

Add notes as necessary for an understanding of the sources of finance available to the entity.

Total facility amount at quarter end
$A'000

Amount drawn at quarter end
$A'000

7.1

Bond Facility1

133,486

66,743

7.2

Secured Revolving Credit Facility2

100,115

100,115

7.3

Other

-

-

7.4

Total financing facilities

233,601

166,858

7.5

Unused financing facilities available at quarter end

66,743

7.6

Include in the box below a description of each facility above, including the lender, interest rate, maturity date and whether it is secured or unsecured. If any additional financing facilities have been entered into or are proposed to be entered into after quarter end, include a note providing details of those facilities as well.

  1. Bond Facility - US$100.0 million:

On 20 July 2021 the Company completed settlement of a US$100.0 million senior secured bond facility. The bonds were issued by the Company's wholly owned subsidiary, Jervois Mining USA Limited, and are administered by the bond trustee, Nordic Trustee AS. During the quarter, Jervois Mining USA Limited completed the first US$50.0 million drawdown on the bonds.

Key terms:

  • Issuer: Jervois Mining USA Limited (wholly owned subsidiary of the Company).

  • Maturity: 5-year tenor with a maturity date of 20 July 2026.

  • Original issue discount of 2%.

  • Coupon rate: 12.5% per annum with interest payable bi-annually.

  • No amortisation - bullet payment on maturity.

  • Non-callable for 3 years, after which callable at par plus 62.5% of coupon, declining rateably to par in year 5.

  • Transaction security: First priority security over all material assets of the Issuer, pledge of all the shares of the Issuer, intercompany loans.

  1. Secured Revolving Credit Facility - US$75.0 million:

On 28 October 2021 the Company's wholly owned subsidiaries, Jervois Suomi Holding Oy and Jervois Finland Oy entered into a secured loan facility with Mercuria Energy Trading SA, a wholly owned subsidiary of Mercuria Energy Group Limited, to borrow up to US$75 million. The facility was fully drawn as of 31 March 2022.

Key terms:

  • Borrowers: Jervois Suomi Holding Oy and Jervois Finland Oy (wholly owned subsidiaries of the Company).

  • Maturity: rolling facility to 31 December 2024.

  • Interest rate: LIBOR + 5.0% per annum.

  • Transaction security: First priority security over all material assets of Jervois Finland, including inventory, receivables, collection account, and shares in Jervois Finland.

8.

Estimated cash available for future operating activities

$A'000

8.1

Net cash from / (used in) operating activities (item 1.9)

(18,232)

8.2

(Payments for exploration & evaluation classified as investing activities) (item 2.1(d))

(11)

8.3

Total relevant outgoings (item 8.1 + item 8.2)

(18,243)

8.4

Cash and cash equivalents at quarter end (item 4.6)

117,762

8.5

Unused finance facilities available at quarter end (item 7.5)

66,743

8.6

Total available funding (item 8.4 + item 8.5)

184,505

8.7

Estimated quarters of funding available (item 8.6 divided by item 8.3)

10.11

Note: if the entity has reported positive relevant outgoings (i.e., a net cash inflow) in item 8.3, answer item 8.7 as "N/A". Otherwise, a figure for the estimated quarters of funding available must be included in item 8.7.

8.8

If item 8.7 is less than 2 quarters, please provide answers to the following questions:

8.8.1 Does the entity expect that it will continue to have the current level of net operating cash flows for the time being and, if not, why not?

Answer: N/A

8.8.2 Has the entity taken any steps, or does it propose to take any steps, to raise further cash to fund its operations and, if so, what are those steps and how likely does it believe that they will be successful?

Answer: N/A

8.8.3 Does the entity expect to be able to continue its operations and to meet its business objectives and, if so, on what basis?

Answer: N/A

Note: where item 8.7 is less than 2 quarters, all of questions 8.8.1, 8.8.2 and 8.8.3 above must be answered.

Compliance statement

1 This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A.

2 This statement gives a true and fair view of the matters disclosed.

Date: 29 April 2022

Authorised by: Disclosure Committee

(Name of body or officer authorising release - see note 4)

Notes

1. This quarterly cash flow report and the accompanying activity report provide a basis for informing the market about the entity's activities for the past quarter, how they have been financed and the effect this has had on its cash position. An entity that wishes to disclose additional information over and above the minimum required under the Listing Rules is encouraged to do so.

2. If this quarterly cash flow report has been prepared in accordance with Australian Accounting Standards, the definitions in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash Flows apply to this report. If this quarterly cash flow report has been prepared in accordance with other accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standards apply to this report.

3. Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities, depending on the accounting policy of the entity.

4. If this report has been authorised for release to the market by your board of directors, you can insert here: "By the board". If it has been authorised for release to the market by a committee of your board of directors, you can insert here: "By the [name of board committee - e.g., Audit and Risk Committee]". If it has been authorised for release to the market by a disclosure committee, you can insert here: "By the Disclosure Committee".

5. If this report has been authorised for release to the market by your board of directors and you wish to hold yourself out as complying with recommendation 4.2 of the ASX Corporate Governance Council's Corporate Governance Principles and Recommendations, the board should have received a declaration from its CEO and CFO that, in their opinion, the financial records of the entity have been properly maintained, that this report complies with the appropriate accounting standards and gives a true and fair view of the cash flows of the entity, and that their opinion has been formed on the basis of a sound system of risk management and internal control which is operating effectively.

1 Represents aggregate of amounts drawn under US$75M working capital facility and amounts drawn down from Escrow Account under terms of US$100M Senior Secured Bonds. Amounts represent the nominal loan amounts; balances recorded in the Company's financial statements under International Financial Reporting Standards will differ.

2 Information on the basis of preparation for the financial information included in this Quarterly Activities report is set out on page 12 below.

3 Metric tonnes per annum.

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