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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 Global Ltd. Quarterly Activities Report to 30 June 2022

22.07.2022 | 5:00 Uhr | The Newswire
HIGHLIGHTS

Jervois Finland:

• Q2 2022 revenue US$91.2 million (1H 2022: US$196.3 million)

• Q2 2022 EBITDA US$11.9 million (1H 2022: US$26.8 million)

• BFS commenced for expansion of Kokkola refinery

Idaho Cobalt Operations (“ICO”):

• On track for commissioning late Q3 2022; sustainable production at nameplate capacity expected in February 2023

• Additional US$3.6 million committed (total US$4.8 million in 2022) to infill and expansion drilling, with a total of 46,000 feet to be drilled in 2022

São Miguel Paulista (“SMP”) Nickel and Cobalt Refinery, Brazil:

• Acquisition of SMP closed on 15 July with a cash payment of R$47.5 million; remaining R$62.5 million cash payment of R$125.0 million total purchase price due June 2023

• Detailed execution planning for expected restart underway

Corporate:

• Jervois ended June 2022 quarter with US$57.6 million in unrestricted and unescrowed cash; US$114.9 million including the remaining ICO Senior Bond escrow and debt service accounts (remaining proceeds released from escrow on 20 July 2022)

• Mercuria standby working capital facility limit increased from US$75 million to US$150.0 million in June, providing additional financial flexibility

• At end June total drawn debt was US$150 million; as of this release date and full drawdown of ICO Senior Bond in July, current net debt of US$90 million1


Jervois Finland

Q2 results:

  • Quarterly revenue: US$91.2 million (Q1 2022: US$105.1 million)

  • EBITDA margin: 13.0% (Q1 2022: 14.2%)

  • Sales volume: 1,139 metric tonnes (Q1 2022: 1,446 metric tonnes)

  • Production volume: 1,145 metric tonnes (Q1 2022: 1,275 metric tonnes)

Sales and Marketing:

Jervois Finland achieved Q2 2022 revenue of US$91.2 million, generated via quarterly cobalt sales volumes of 1,139 metric tonnes, down on the previous quarter. Volatility in both end-user demand and cobalt feed supply impacted cobalt prices and revenue. Cobalt prices (Metal Bulletin ("MB") Fastmarkets Standard Grade ("SG") Low) trended down from nearly US$40.00/lb at the end of Q1 2022 to US$26.95/lb as at 20 July 2022. The MB Fastmarkets SG Low cobalt hydroxide payable indicator also trended downwards, sitting at 63.0% at the same date.

Quarterly production was 1,145 metric tonnes, a decrease of ~11% on the previous quarter. This reduction was in part due to the planned annual maintenance shutdown in June, with also reduced reliability experienced in global supply chains that impacted cobalt feed availability early in the quarter.

Due to a catch up of raw materials supply late in the quarter, along with weakened global market demand for cobalt largely associated with Covid-19 lockdowns in China, total inventory volumes increased across the quarter. Jervois expects cobalt inventory levels to remain temporarily above levels typically targeted, to ensure profitability is optimised and risk is managed relative to ongoing supply chain challenges. Working capital is expected to normalise during the second half of 2022, with management focussed on balancing supply chain risk, commercial objectives, and liquidity management.

Jervois' outlook for key market segments is summarised below.

Batteries:

  • Short-term battery demand has softened, driven by Covid shutdowns in China.

  • In the current falling price environment there is very little spot demand for battery chemicals as customers wait for prices to stabilise.

  • Despite short term volatility and supply chain destocking initiated by China, the medium- and longer-term trend of significant demand growth remains intact, with significant OEM (automaker) interest in expanding delivery commitments over time.

Chemicals, Catalysts and Ceramics:

  • Catalysts: consumption at lower rates than previous, but stabilising. Jervois continues to see new opportunities, specifically in North America later this year.

  • Chemicals: consumption in key applications such as copper electrowinning, rubber chemicals, animal feed, plating and specialty chemicals remains stable, although regional demand dynamics vary. Supply chain adjustments activity has resulted in delayed shipments. In Asian markets, specifically Japan and Korea, premiums are lower due to increased competition associated with the previously mentioned Covid lockdowns in China triggering mass destocking of Chinese industry and cobalt trade.

  • Ceramics: demand for pigments production is slowing as producers mull the impact of significant energy cost increases and the falling cobalt price; pigment applications using cobalt are typically more elastic in nature, particularly relative to price inelasticity of other cobalt consuming industries. Cobalt usage in the smaller glass application segment remains stable.

Powder Metallurgy

  • Outlook for 2022 remains stable, but more customers are expressing concern regarding the last four months of the year as inflation rates increase and the possibility of a recession grows

  • All markets remain stable except automotive which is variable dependent upon customer and geography; the automotive sector is largely expected to remain this way until semiconductor and parts availability improves.

  • Aerospace continues to incrementally improve, as outside of China the rest of the world and associated movement of persons and goods normalises post Covid.

Financial Performance2

Jervois Finland achieved Q2 2022 revenue of US$91.2 million. The Q2 2022 adjusted EBITDA of US$11.9 million compared to US$14.9 million in the prior quarter.

Figure 1: Jervois Finland Financial Metrics and Market Price Indicators

Earnings Guidance

As a result of lower cobalt prices and sales volumes, Jervois has revised EBITDA full year 2022 guidance to US$35.0 million to US$40.0 million based on a US$27.50/lb forecast cobalt price assumption for the remainder of the year, from US$50 million to US$55 million which was based on a US$39.75/lb forecast cobalt price assumption at the end of Q1 2022.

Table 1: Updated 2022 EBITDA guidance for Jervois Finland.

CY 2022 guidance update

Previous guidance

2H 2022 Cobalt price (Metal Bulletin Fastmarkets Standard Grade) - US$/lb

27.50

39.75

CY2022 sales volumes guidance - tonnes

5,500 to 5,750

5,750 to 6,000

CY2022 EBITDA guidance - US$M

35 to 40

50 to 55

Key factors that underpin the guidance update are as follows:

  • Guidance is based on actual cobalt price (MB Fastmarkets SG Low) of US$36.70/lb for 1H 2022, and a forecast price of US$27.50/lb price the second half of the year. The spot MB Fastmarkets SG Low price on 20 July 2022 was US$26.95/lb.

  • Lower sales guidance (previously 5,750 to 6,000 tonnes) principally due to weaker end use demand in key end use segments due to the factors detailed previously within the Jervois Finland cobalt market update.

  • Expected inventory profile for 2022 drives higher than average feed cost realisation in the profit and loss account in second half (lower than average in first half).

  • Recent declines in market cobalt hydroxide expected to take time to translate into cost and EBITDA benefits (new purchases recorded in inventory).

  • Guidance assumes constant prices for 2H 2022 - price volatility in the period will impact actual EBITDA outcome.

Jervois Finland Expansion Plans

In May, Jervois announced the commencement of a Bankable Feasibility Study ("BFS") to assess the expansion of its production of refined cobalt to at least 6,000 metric tonnes of additional annual cobalt refining capacity at Kokkola Industrial Park, Finland. Current finished product capacity is 11,000 metric tonnes per annum of contained cobalt, significantly higher than the refining tolling capacity available to Jervois at Umicore's refinery.

An expansion of refining capacity is expected to be available in conjunction with forecast increased cobalt demand in the second half of this decade, largely associated with rising electric vehicle penetration.

The expansion advances the Company's strategy to become a globally significant supplier of speciality chemicals and advanced manufactured cobalt products into battery and other industries.

Initial commercial discussions with both final product customers and refinery feed suppliers (including recyclers) are underway.

Expansion timing will be determined in conjunction with key customers and will not require any near-term material financial investment for Jervois. Technical partner selection processes in Finland are underway, covering key workstreams such as flowsheet piloting, process engineering and environmental and other permitting.

Idaho Cobalt Operations ("ICO"), United States

In June, Jervois announced it expected to commence commissioning the plant at ICO in September 2022 with first ore through the mill in October 2022 and sustainable, full rate ore processing forecast by February 2023.

With detailed engineering, procurement, and commitments all more than 90% complete, Jervois revised final forecast capital expenditure to bring ICO into production to US$107.5 million (from US$99.1 million), an increase of ~7.5%. Project construction experienced cost pressures due to the significant United States inflationary environment, compounded in recent months due to contractor shortages and poor weather conditions across May and June. Weather-related delays have affected site installation for the accommodation camp, which is now expected to be operable in August.

In July, ICO completed the second and final draw down of the US$100.0 million Senior Secured Bonds ("Bonds"). The second draw down, of US$51 million, follows the July 2022 visit to site by RPM Global, engaged in its capacity as Independent Engineer on behalf of the Bondholders. RPM Global submitted an affirmed Cost to Complete test to the Bonds trustee, confirming ICO is fully funded to completion.

ICO Construction and Mine Development Progress

As of June, mine development continued at ~27 feet per day. Planned increases to underground working faces, improved water management and road conditions, as well as additional personnel and greater utilisation of existing and future mining equipment on site are expected to continue to improve mine development productivity. Jervois and its mining contractor, Small Mine Development, remain confident in the revised mining production targets that underpin the capital cost update.

The SAG mill, ball mill and crusher are each in place, and work continues with facilities construction and equipment placement.

An official opening ceremony is scheduled at site for 7 October 2022 with expected participation of United States political leadership and Australian government delegates.

At end June, Jervois had spent US$66.9 million of the total capital expenditure budget. Capital expenditure in Q2 2022 was US$25.6 million.

Drilling at ICO

The previously announced initial US$1.2 million infill programme, commenced in Q1 2022, is set to be complete in August this year. Infill drilling rates over 200 feet per day are being achieved as part of a 19,000 feet underground campaign to decrease hole space aiming to enhance ore body knowledge and de-risk early mining.

In June, Jervois approved an additional US$3.6 million for drilling to complete additional infill and first expansion drilling from both surface and underground platforms to further define and expand its RAM deposit within ICO. This will take total planned drilling footage in 2022 to 46,000 feet.

Both drilling campaigns will improve ICO's resource model and will be used to develop a production block model for both short- and medium-term mining operations and will target expansion down dip of the currently defined and known deposit. The RAM deposit remains open at depth and along strike, and Jervois has confidence that there exists a strong potential of both resource and reserve expansion. Consistent with this expectation, planning is underway in relation to Jervois' neighbouring Sunshine deposit and historical mineral resource, with preparations for a 2023 summer drill programme well underway. The historical Sunshine cobalt resource is located a short traverse to the ICO mill and concentrator currently under construction.

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. When commissioned in Q3 2022, ICO will be the United States' only domestic mine supply of cobalt, a critical mineral used in applications across industry, defence, energy, and electric vehicles.

São Miguel Paulista ("SMP") Nickel and Cobalt Refinery, Brazil

In July, Jervois completed the acquisition from Companhia Brasileira de Alumínio ("CBA") of 100% of the São Miguel Paulista nickel cobalt refinery ("SMP") in São Paulo, Brazil. SMP is Latin America's only electrolytic class 1 nickel and cobalt refinery, and operated successfully for over 30 years prior to being placed on care and maintenance by CBA when its vertically integrated mine was also closed due to low metal prices.

Total consideration to be paid for the acquisition is R$125.0 million in cash. Jervois paid the initial R$15.0 million payment in late 2020 when the acquisition was publicly announced and a further R$47.5 million on closing in accordance with the previously announced terms of the purchase agreement. The remaining R$62.5 million is to be paid on the earlier to occur of commencement of commercial production at SMP and June 2023, per the purchase agreement (which Jervois expects to be June 2023 based on SMP's current restart schedule).

A Jervois technical and commercial team is currently working onsite at SMP undertaking detailed planning for the expected restart.

In April, Jervois released a BFS for Stage 1 of the SMP restart to process mixed nickel hydroxide ("MHP") and cobalt hydroxide through to metal.

Jervois forecasts to produce 10,000 metric tonnes per annum ("mtpa") and 2,000 mtpa of refined nickel and cobalt metal cathode respectively in Stage 1, with Net Present Value ("NPV") 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).3

The supplemental Stage 1 BFS, including POX for sulphide concentrates, is due at the end Q3 2022. Engineering is currently focused on debottlenecking, accelerating the restart and enhancing nickel through-put capacity associated with Stage 1. Jervois is targeting a return to the full 25,000mtpa refined nickel production, but not at the expense of accelerated restart timing, risk optimisation and a staged, capital efficient approach.

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

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

Planning for Jervois's drilling campaign at Nico Young is well underway, with an initial focus on converting inferred resources into the indicated category.

Corporate Activities

Liquidity

Jervois ended the June 2022 quarter with US$57.6 million in cash (excluding restricted cash associated with the US$100 million ICO Senior Secured Bond). The US$51 million in the Escrow Account (restricted cash) was subsequently released on 20 July 2022 once requisite conditions were met.

In June, Jervois announced its subsidiaries, Jervois Suomi (Holding) Oy and Jervois Finland Oy, increased the secured loan facility (the "Facility") with Mercuria Energy Trading SA, a wholly-owned subsidiary of Mercuria Energy Group Limited, by US$75 million to US$150 million.

Key terms of the Facility remain consistent with Jervois' announcement to the market on 29

October 2021.

Jervois elected to draw US$25.0 million of this additional facility in June, taking the total balance out to US$100.0 million. Up to US$50.0 million is permitted to be transferred out of the Jervois Finland group of companies for other general purposes in the Jervois group including, for example, funding of the Group's development activities in the United States and Brazil.

At June period end total debt was US$150 million; as of this release date, it has increased to US$200 million associated with full drawdown of the ICO Senior Secured Bond. Cash (all unrestricted) on hand had also increased to US$110 million associated with the final drawdown of the ICO Senior Secured Bond, leading to net debt of US$90 million.

Jervois Annual General Meeting

At its Annual General Meeting held on 6 May 2022, all resolutions passed via poll.

Investor Relations

Management hosted investor and equity analyst visits at its ICO and Jervois Finland sites during the quarter as well as participating in Canaccord Genuity's virtual Cobalt Conference and Morgan Stanley Australia's Battery Materials & Clean Tech Investor Day, both held in June.

In August, Jervois' Chief Executive Officer, Mr. Bryce Crocker, will present at the Diggers & Dealers Mining Forum in Kalgoorlie, Australia.

Environmental, Social, Governance and Compliance

Jervois-Idaho Conservation League Partnership

In May, Jervois announced it had awarded US$0.15 million to three restoration projects as part of the Upper Salmon Conservation Action Program ("USCAP"), created in partnership with the Idaho Conservation League ("ICL"). Recipients were:

  • The Idaho Department of Fish and Game in collaboration with Salmon-Challis National Forest, US$0.08 million, to remove two problematic culverts blocking fish access to an important tributary of the Salmon River, which will allow endangered fish species back into a 10-mile section of prime river habitat.

  • White Clouds Preserve, US$0.06 million, to expand ongoing riparian restoration work along the East Fork of the Salmon River, an important habitat for ESA-listed Chinook salmon, steelhead and bull trout.

  • Western Rivers Conservancy, US$0.02 million, to assist with the acquisition of a key parcel of land along Panther Creek, a major tributary of the Salmon River.

The USCAP supports protection and restoration of fish and wildlife habitats, including water quality and biodiversity within the Upper Salmon River basin. Jervois will contribute US$0.15 million annually to USCAP throughout the operational life of ICO.

Jervois-HALO Trust Partnership

Following Russia's invasion of Ukraine, Jervois commenced a dollar-for-dollar matching funds programme with its employees to support United Kingdom charity The HALO Trust ("HALO"; www.halotrust.org). HALO is internationally respected and renowned as the oldest and largest humanitarian landmine clearance organisation in the world, and has been entrenched in Eastern Ukraine since 2016. HALO's 400+ personnel based in Ukraine are trained paramedics, many of whom have been providing medical treatment, supporting evacuations, and providing emergency assistance under dangerous conditions. HALO has a central role in in enabling safe delivery of humanitarian aid and passage of aid workers, evacuees and returnees by assessing explosives risks and clearing munitions along transport corridors and among affected communities.

Jervois and its matched employees' donations are ringfenced to Ukraine, with US$0.1 million made during the quarter.

Diversity and Inclusion

During the quarter, Jervois established a Diversity and Inclusion Working Group which will develop a roadmap of strategies and actions to support an inclusive culture and diverse workplace. This in line with Jervois' core values and principles and aims to bring out the best within our workforce, create a pipeline for promotion from within and conditions to attract talent from outside while more broadly yielding enhanced productivity, innovation, decision-making and motivation.

Industry Engagement

During the quarter, Jervois participated in the Cobalt Institute Annual Cobalt Conference in Zurich, Switzerland. Key outcomes included training to enhance the company's capacity to meet the requirements of EU legislation concerning human rights and environmental justice expectations of companies working within or with supply chain links to EU-based companies.

Also during the quarter, Jervois joined the United States' Critical Materials Initiative and the National Mining Association.

In June, Jervois took part in a panel discussion at the prestigious SelectUSA Investment Summit in Washington, DC., with over 3,600 participants from more than 70 countries. Dr. Jennifer Hinton, Jervois' Group Manager - ESG, shared insights into Jervois' experience operating in Salmon, Idaho, in a panel moderated by Ms. Alejandra Castillo, Assistant Secretary of Commerce for Economic Development.

Management Updates

In June, Ms. Alicia Brown joined as Jervois' Group Manager - External Affairs at the Company's corporate office in Melbourne, Australia.

Ms. Brown has more than 25 years of experience, including three years with the Australian Government Department of Defence in Canberra, and 12 years in leadership roles at global mining company MMG Ltd ("MMG"), where she was responsible for leading acquisition and divestment transactions, including management of all key stakeholder relationships and associated regulatory approvals. Prior to her role leading mergers and acquisitions projects, Ms. Brown spearheaded strategy and country and political analysis for MMG and its predecessor companies in Australia.

In her role as Group Manager - External Affairs, Ms. Brown will lead global co-ordination of government relations for Jervois, maximising effectiveness and alignment of activities to group strategy and management of key relationships. The role also provides Jervois with additional leadership support for the evaluation of future acquisition opportunities or other corporate transactions as circumstances require.

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$25.6 million in the quarter.

Insider Compensation Reporting

During the quarter, US$nil was paid to Non-Executive Directors and US$0.1 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 30 June 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 expired in the quarter:

1,344,750

eCobalt options remaining*

1,179,750

1,980,000

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

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

3,159,750

  • ??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 2022 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 June and forecast results for July to December. The forecast period includes an assumption of a forecast quoted cobalt price of US$27.50/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 22 July 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, preparation of studies on the SMP refinery, timing of restart of SMP refinery, utilisation of the working capital facility and 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.

Tenements

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

West Arunta (WA)

E80 4820

17.9

West Arunta (WA)

E80 4986

17.9

West Arunta (WA)

E80 4987

17.9

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

Bujagali

EL1827

100.0

Kilembe Area

EL1673

100.0

Kilembe Area

EL1674

100.0

Kilembe Area

EL1735

100.0

Kilembe Area

EL1736

100.0

Kilembe Area

EL1737

100.0

Kilembe Area

EL0012

100.0

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

ASX - Appendix 5B

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

Name of entity

Jervois Global Ltd.

ABN

52 007 626 575

Quarter ended ("current quarter")

30 June 2022

Consolidated statement of cash flows

Current quarter
$US'000

Year to date

(6 months)

$US'000

1.

Cash flows from operating activities

98,274

194,107

1.1

Receipts from customers

1.2

Payments for

-

-

  1. (a)exploration evaluation

  1. (b)development

-

-

  1. (c)production

(120,628)

(213,999)

  1. (d)staff costs

(1,295)

(3,319)

  1. (e)administration and corporate costs

(1,310)

(2,809)

1.3

Dividends received (see note 3)

-

-

1.4

Interest received

6

7

1.5

Interest and other costs of finance paid

(1,547)

(8,847)

1.6

Income taxes paid

(539)

(4,125)

1.7

Government grants and tax incentives

-

-

1.8

Other - incl. business development costs and SMP BFS costs

(1,312)

(2,568)

1.9

Net cash from / (used in) operating activities

(28,351)

(41,553)

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

(28,111)

(49,056)

  1. (d)exploration evaluation

(42)

(50)

  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

1,230

1,230

  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

(26,923)

(47,876)

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

-

221

3.4

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

-

(847)

3.5

Proceeds from borrowings

25,000

98,750

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

25,000

98,124

4.

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

4.1

Cash and cash equivalents at beginning of period

88,225

49,181

4.2

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

(28,351)

(41,553)

4.3

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

(26,923)

(47,876)

4.4

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

25,000

98,124

4.5

Effect of movement in exchange rates on cash held

(391)

(316)

4.6

Cash and cash equivalents at end of period

57,560

57,560

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
$US'000

Previous quarter
$US'000

5.1

Bank balances

57,560

88,225

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)

57,560

88,225

6.

Payments to related parties of the entity and their associates

Current quarter
$US'000

6.1

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

104

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
$US'000

Amount drawn at quarter end
$US'000

7.1

Bond Facility1

100,000

50,000

7.2

Secured Revolving Credit Facility2

150,000

100,000

7.3

Other

-

-

7.4

Total financing facilities

250,000

150,000

7.5

Unused financing facilities available at quarter end ($US'000)

100,000

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 previous 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$150.0 million:

On 28 October 2021 the Company's wholly owned subsidiaries, Jervois Suomi Holding Oy and Jervois Finland Oy (together, "the Borrowers"), 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. On 3 June 2022, the Borrowers increased the facility to US$150 million through the execution of the Accordion Increase (as contemplated in the facility agreement entered into on 28 October 2021).

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

$US'000

8.1

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

(28,351)OTCQX: JRVMF

8.2

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

(42)

8.3

Total relevant outgoings (item 8.1 + item 8.2)

(28,393)

8.4

Cash and cash equivalents at quarter end (item 4.6)

57,560

8.5

Unused finance facilities available at quarter end (item 7.5)

100,000

8.6

Total available funding (item 8.4 + item 8.5)

157,560

8.7

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

5.55

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: 21 July 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 Debt drawn down represents aggregate of amounts drawn under US$150M working capital facility and amounts drawn down from Escrow Account under terms of US$100M Senior Secured Bonds. Net debt is debt drawn down less unrestricted cash. For current net debt cash balance is based on the Company's most recent internal cash report prior to the date of release. 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 13 below.

3 See ASX Announcement "BFS for Sao Miguel Paulista refinery restart" dated 29 April 2022

 
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