(TheNewswire)

Victoria, Australia – TheNewswire – July 18, 2022 –

Jervois Global Limited (“

Jervois

”) (ASX:JRV)
(TSXV:JRV) (OTC:JRVMF) has now closed its previously announced
acquisition from Companhia Brasileira de Alumínio (“

CBA

”) of 100% of
the São Miguel Paulista nickel cobalt refinery (“

SMP

”) in São
Paulo, Brazil.  Total consideration to be paid for the acquisition is
R$125 million in cash.  Jervois paid the initial R$15 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.

A Jervois technical and commercial team is currently
working onsite at SMP undertaking detailed planning for the expected
restart of SMP which is Latin America’s only electrolytic class 1
nickel and cobalt refinery.

On behalf of Jervois Global Limited,

Bryce Crocker, Chief Executive Officer

For further information, please contact:

Forward-Looking
Statements

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

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

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