(TheNewswire)
Jervois Global Limited
ACN: 007 626 575 ASX: JRV TSXV:JRV OTC:JRVMF Corporate Information: 1,519.7M Ordinary Shares 93.6M Options 3.8M 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 W: www.jervoisglobal.com |
Highlights
Jervois Finland:
Idaho Cobalt Operations (“ICO”):
São Miguel Paulista (“SMP”) Nickel and Cobalt
Corporate:
|
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 Performance
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.
-
Guidance is based on actual cobalt price (MB
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).
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 |
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 G lobal Limited |
Media:
Nathan Ryan NWR Communications Mob: +61 420 582 887 |
BASIS OF PREPARATION OF FINANCIAL INFORMATION
Historical financial information for Jervois Finland
prior to acquisition by Jervois Global Limited 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.
Idaho Cobalt Operations |
|||
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 Limited | |
ABN 52 007 626 575 |
Quarter ended |
30 June 2022 |
Consolidated statement |
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 | – | – |
|
|||
|
– | – | |
|
(120,628) | (213,999) | |
|
(1,295) | (3,319) | |
|
(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: | ||
|
|||
|
– | – | |
|
(28,111) | (49,056) | |
|
(42) | (50) | |
|
– | – | |
|
– | – | |
|
– | – | |
2.2 | Proceeds from the disposal of: | – | – |
|
|||
|
– | – | |
|
1,230 | 1,230 | |
|
– | – | |
|
– | – | |
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 at the end of the quarter (as shown in the |
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 |
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 Note: the term “facility’ includes all forms Add notes as necessary |
Total facility amount at quarter end
$US’000 |
Amount drawn at quarter end
$US’000 |
7.1 |
Bond Facility
1 |
100,000 | 50,000 |
7.2 |
Secured Revolving Credit Facility
2 |
150,000 | 100,000 |
7.3 | Other | – | – |
7.4 | Total financing facilities | 250,000 | 150,000 |
7.5 |
Unused financing facilities available at quarter end ($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. |
||
On 20 July 2021 the Company completed settlement of a Key terms:
On 28 October 2021 the Company’s wholly owned Key terms:
|
8. | Estimated cash available |
$US’000 |
8.1 |
Net cash from / (used in) operating activities (item 1.9) |
(28,351)OTCQX: JRVMF |
8.2 |
(Payments for
exploration & (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: 2
1
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.
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.
Information on the basis
of preparation for the financial information included in this
Quarterly Activities report is set out on page 13 below.
See ASX Announcement
“BFS for Sao Miguel Paulista refinery restart” dated 29 April
2022
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