(TheNewswire)

NOT FOR DISTRIBUTION OR RELEASE IN
THE UNITED STATES

November 10, 2022 – TheNewswire – Australia –


Jervois Global Limited


(ASX:JRV) (TSXV:JRV) (OTC:JRVMF)
(”


Jervois


” or the ”


Company


“) announced on Thursday, 10
November 2022, that it is undertaking a fully underwritten A$231
million (US$150 million




1




)
equity capital raising (“


Equity Raising


”).

The institutional placement (“


Placement


”) and the
institutional component of its 1 for 5.42 pro-rata accelerated
non-renounceable entitlement offer (“


Institutional Entitlement Offer


”) has now successfully completed.

Approximately A$177 million (US$115 million) was raised
across the Placement and Institutional Entitlement Offer at an offer
price of A$0.42 per share.

The Placement and Institutional Entitlement Offer were
strongly supported by new and existing domestic and offshore
institutional investors.

The Institutional Entitlement Offer had a take up rate
of approximately 80%.

Under the Placement, approximately 269 million Jervois
shares will be issued to raise approximately A$113 million (US$73
million). Under the Institutional Entitlement Offer, approximately 153
million Jervois shares will be issued to raise approximately A$64
million (US$42 million).

The retail component of the entitlement offer
(“


Retail Entitlement
Offer


”) is fully underwritten and will raise
an additional A$54 million (US$35 million).

Following the Equity Raising Jervois will be fully
funded to restart the São Miguel Paulista (“


SMP


”) refinery in
Brazil, ramp up Idaho Cobalt Operations (“


ICO


”) in the United
States and progress a bankable feasibility study (“


BFS


”) for expansion
of its cobalt refinery capacity at Kokkola, Finland.

New Jervois shares issued under the Placement and
Institutional Entitlement Offer will be issued on Monday, 21 November
2022 and are expected to commence trading on the ASX on a normal
settlement basis on that day.

Jervois shares are expected to resume trading on the
ASX from market open (Friday, 11 November 2022).

Retail Entitlement Offer

Eligible retail shareholders wishing to participate in
the Retail Entitlement Offer should carefully read the retail
information booklet and accompanying personalised entitlement and
acceptance form, which are expected to be dispatched from Thursday, 17
November 2022. A copy of the retail information booklet will be
available on ASX at




www.asx.com.au




on Thursday,
17 November 2022.

Timetable

Additional Information

Further details on the Equity Raising are set out in
the Investor Presentation released to the ASX on Thursday, 10 November
2022. The Investor Presentation contains important information
including disclaimers, key risks and foreign selling restrictions with
respect to the Equity Raising.

This announcement has been approved for release by the
Board of Directors of Jervois.

For further information, please contact:

Forward-Looking
Statements

This announcement 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 announcement,
the words “anticipate”, “believe”, “estimate”,
“expect”, “target, “plan”, “forecast”, “may”,
“schedule”, “expected” and other similar words or expressions
identify forward-looking statements or information. Indications of,
and guidance on, future earnings and financial position and
performance are also forward-looking statements. These forward-looking
statements or information may relate to the Equity Raising and the use
of funds raised. 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.

These forward-looking statements are
based on assumptions and contingencies that are subject to change
without notice and involve known and unknown risks, uncertainties and
other factors, many of which are beyond the control of the Company and
its related bodies corporate and affiliates (and each of their
respective directors, securityholders, officers, employees, partners,
agents, advisers and management), and 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 or any projections and assumptions on
which those statements are based. This includes statements about
market and industry trends, which are based on interpretations of
market conditions.

Forward-looking statements are
provided as a general guide only and should not be relied on as an
indication or guarantee of future performance. These statements may
assume the success of the Company’s business strategies, the success
of which may not be realised within the period for which the
forward-looking statements may have been prepared, or at all, and the
receipt of applicable approvals to complete the Equity Raising.

No guarantee, representation or
warranty, express or implied, is made as to the accuracy, likelihood
of achievement or reasonableness of any forecasts, prospects, returns,
statements or tax treatment in relation to future matters contained in
this announcement. The forward-looking statements are based on
information available to the Company as at the date of this
announcement. Except as required by applicable laws, rules or
regulations, none of the Company, its representatives or advisers
intends to, or undertakes to, or assumes any obligation to, provide
any additional information, update or revise the statements in this
announcement, whether as a result of a change in expectations or
assumptions, new information, future events, results or

circumstances.

Not for
distribution or release in the United States

This announcement has been prepared
for publication in Australia and may not be distributed or released in
the United States. This announcement does not constitute an offer to
sell, or a solicitation of an offer to buy, any


securities in the United States or to any
person who is acting for the account or benefit of any person in the
United States (to the extent such a person is acting for the account
or benefit of a person in the United States). The New Shares described
in this announcement have not been, and will not be, registered under
the U.S. Securities Act of 1933, as amended (the “


U.S. Securities
Act


”) and may not be
offered or sold, directly or indirectly, in the United States except
in transactions exempt from, or not subject to, the registration
requirements of the U.S. Securities Act and any other applicable US
state securities laws.

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 announcement.

NOT FOR DISTRIBUTION OR RELEASE IN
THE UNITED STATES

1



AUD/USD exchange rate of 0.65 applied (8 November
2022)

2



The timetable (and each reference in this announcement to a
date specified in the timetable) is indicative only and Jervois may,
at its discretion, very any of the above dates by lodging a revised
timetable with the ASX. All times are Sydney times

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