Jervois Draws US$51 Million Bond to Complete Construction of ICO

Jervois Global Limited


Jervois Global Limited

Victoria, Australia – TheNewswire – July 19, 2022 –

Jervois Global Limited (“


” or the


”) (ASX:JRV) (TSXV:JRV) (OTC:JRVMF) has received
confirmation from Nordic Trustee AS that the second and final draw
down of US$51 million of its subsidiary’s bond offering (the


”) proceeds from the escrow account (the balance of the
initial US$100 million) will be released, as contemplated by the terms
of the Bonds.  Funds are expected to be received on or around 20 July

The second drawdown on the Bonds follows RPM Global’s
July 2022 visit to site of Jervois’ Idaho Cobalt Operations
development project (“


”), in Idaho, United States, 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 ICO is fully-funded to completion.

Jervois is on track to commence commissioning ICO in Q3
2022. Once in production, ICO will be the only primary cobalt mine in
the United States and will supply a critical metal necessary for
electric vehicles, energy generation and distribution, defense and
other industries, and will play a key role in the transition to the
low carbon economy.

Further information regarding the Bonds is set out in
the Company’s news release dated 5 July 2021.

Magma Capital Advisory served as Jervois’ financial
advisor in relation to the Bonds.

On behalf of Jervois Global Limited,

Bryce Crocker, Chief Executive Officer


For further information, please contact:

Investors and analysts:

James May

Chief Financial Officer

Jervois Global

[email protected]


Nathan Ryan

NWR Communications

[email protected]

Mob: +61 420 582 887


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 timing of
receipt of Bond proceeds, timing of commissioning of ICO and

the future supply of Cobalt
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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