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Jervois Mining Ltd. Quarterly Activities Report to 30 June 202022.07.2020 | 17:07 Uhr | The Newswire
Jervois Mining Ltd. (ASX/TSXV:JRV) (OTC:JRVMF)
Budgeted activities scheduled within this timeframe include the finalisation and public release of the ICO BFS, continued advancement of the project (debt) finance process in Idaho which includes engagement with lenders and their technical advisers (RPM), the United States government, and customers. Jervois has remobilised in Uganda to drill high priority copper- gold targets identified from its last field reconnaissance activities, but were unable to be drilled prior to Covid-19 forcing a cessation of in-country drilling. Negotiations with potential off-take partners for Jervois's nickel-cobalt project in Australia, Nico Young, also continue. Expenditure on exploration and development for the quarter was A$1.7 million, with A$1.5 million in Idaho and A$0.2 million in Uganda. Insider Compensation Restructures As a consequence of grandfathering arrangements acquired during the M2 Cobalt merger, during the quarter A$0.1 million was paid to related parties outside their salaried Jervois roles for Ugandan exploration management services (Ms Jennifer Hinton and Mr Thomas Lamb, Ugandan Country Head and Ugandan Operations Manager respectively). The scope of this support included local administration and in-country management, accounting, payroll and treasury services, logistical support, offices including a core shed and sample preparation area, employee accommodation, and exploration staffing as set out in Item 6 of the Appendix 5B Quarterly Cashflow report. No related party fees were paid to Non-Executive Directors due to the aforementioned waiver. Acting Chief Financial Officer ("CFO") Appointment Mr Knox will be with Jervois until the end of July 2020 to facilitate the transition. Mr Simon Clarke (Executive General Manager - Corporate Affairs) also left the group at the end of June 2020. The Jervois Board thanks both Mr Knox and Mr Clarke for their contributions. Investor Relations PROJECT UPDATES Idaho Cobalt Operations ("ICO"), United States Leading global engineering firms Wood and CSA Global were engaged to conduct audits of the permitting status and resource model respectively. RPM was appointed as lender(s) Independent Expert, and commenced an initial review on a desk top basis. RPM will visit the site in Idaho and continue its independent due diligence review in the second half of the year. RPM will prepare a formal Independent Technical Expert report in a form suitable for debt financiers of ICO. Due to travel restrictions affecting ICO off-take negotiations and laboratory turn-around times for both sample preparation by Jervois and testing by customers, public release of the BFS was delayed. It will now be released before the end of September 2020. Jervois also carefully reviewed the ICO construction execution plan and schedule in light of Covid-19. As certain ICO site activities were required to be implemented during the Northern Hemisphere's 2020 summer, in light of the uncertainty represented by Covid-19, at the end of April Jervois advised that the schedule would be delayed. Project financing, detailed design and long lead orders (SAG mill, tailings filters) will now occur during Q4 2020. Site construction activities will be largely paused until after the snow melt in Q2 2021, with first commercial production in mid 2022. Despite the currently weak cobalt prices due to Covid-19, Jervois remains excited by outcomes of the BFS and its ability to move forward project financing during a period when many of its peers cannot. The ICO represents a partly constructed mine site, with the approximately US$100 million invested thus far significantly both reducing and de-risking remaining capital investment requirements, and shortening development lead time. Discussions with potential lenders and off-take partners continue under Non-Disclosure Agreements. In light of progress on ICO, Jervois is developing a company-wide Sustainability Standard to outline minimum requirements for Environmental Social Governance ("ESG") compliance, an important component relating to climate change risks. At the conclusion of the June quarter, a Preliminary Estimate of Carbon Emissions of ICO was completed by M3 Engineering in accordance with the Greenhouse Gas Protocol ("GHGP") and United States Environmental Protection Authority ("EPA") standards. The assessment provides an important baseline for setting carbon emission objectives and targets for ICO and will be integrated within broader strategies to address climate change risks at operational and corporate levels. Focus on security of supply chains has been reinforced by Covid-19. United States industry and government are assessing how to secure access to physical cobalt without reliance on China or the Democratic Republic of Congo. Jervois continues its engagement with both customers and government to ensure it can play its part in creating Idaho employment and demand for United States manufactured capital goods at a critical period in the country's economic recovery. As part of this policy framework and cooperation with the United States government pertaining to developing a secure, competitive domestic supply of identified critical minerals (including cobalt), Jervois is partnering with the Department of Energy ("DOE") Idaho National Laboratory ("INL"), to advance a proposal to fund through the United States Critical Materials Institute development of enhanced leaching methods for ICO cobalt concentrates. The Critical Materials Institute is a DOE Energy Innovation Hub led by Ames Laboratory in Iowa which supports research to advance innovation in United States manufacturing. The INL, a DOE laboratory, is a leader in advancing energy technology development, and has partnered with Jervois to apply their advanced research in battery materials extraction to Jervois's ICO concentrate. Jervois and INL have progressed to the final round for consideration for funding under the DOE, Office of Energy Efficiency and Renewable Energy ("EERE") FY2020 AMO Critical Materials FOA: Next-Generation Technologies and Field Validation Funding Opportunity. Final proposals to enhance the capacity of the United States to capitalize on its natural resources of battery materials will be submitted in Q3 2020 with awards over the Northern Hemisphere winter of 2020-21. Ugandan Exploration Properties The planned drilling is concentrated on an interpreted structural feature defined from ground magnetics conducted earlier this year. The structural feature is also coincident with high- grade surface rock chip and soil samples acquired in late 2019 and early 2020 (see ASX announcement 22 January 2020). The programme will be conducted utilising Jervois' in-country geological professionals and regular East African drilling contractor, whom have safely executed Jervois's prior workplans. Jervois looks forward to the commencement of this drilling programme and receiving initial results within three months of first mobilisation. Since early in the onset of the Covid-19 pandemic, Jervois has implemented enhanced safety protocols in compliance with its own safety standards, government directives and in response to guidance from the World Health Organisation and other public health agencies. Jervois' ongoing Community Engagement program has been modified in accordance with this and Jervois will implement strict Standard Operating Procedures ("SOP's") throughout the drilling programme. Figure 1: Kilembe Area CC Target - Planned Drill Locations
Nico Young Nickel-Cobalt Project, New South Wales, Australia Kabanga Application, Tanzania NON-CORE ASSETS ASX WAIVER INFORMATION As at 30 June 2020, 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: 619,888
- 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. Approved for release on behalf of the Board Bryce Crocker For further information, please contact: Investors and analysts: The information in this release that relates to Mineral Exploration is based on information compiled by David Selfe who is full time employee of the company and a Fellow of the Australasian Institute of Mining and Metallurgy and Dean Besserer, P.Geol. who is the GM Exploration for the Company and a member of The Association of Professional Engineers and Geoscientists of Alberta. Both David Selfe and Dean Besserer have sufficient experience which is relevant to the style of mineralization and type of deposit under consideration and to the activity which they are undertaking to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. David Selfe and Dean Besserer consent to the inclusion in the release of the matters based on their information in the form and context in which it appears. 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. 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 exploration work to be undertaken at ICO or in Uganda, preparation of studies on the ICO, 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. Tenements Australian Tenements Uganda Exploration Licences
Rule 5.5 Appendix 5B - Mining exploration entity or oil and gas exploration entity quarterly cash flow report
Compliance statement 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. ASX Listing Rules Appendix 5B (17/07/20) Dieser Artikel stammt von Rohstoff-Welt.de
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