Recent Quotes View Full List My Watchlist Create Watchlist Indicators DJI Nasdaq Composite SPX Gold Crude Oil EL&P Market Index Markets Stocks ETFs Tools Overview News Currencies International Treasuries Jervois Quarterly Activities Report to 31 March 2022 By: TheNewswire.com - RSS (Media) April 28, 2022 at 19:12 PM EDT Jervois Quarterly Activities Report to 31 March 2022 Jervois Global LimitedACN: 007 626 575ASX/TSXV: JRVOTCQX: JRVMF Corporate Information:1,519.8M Ordinary Shares94.9M Options3.6M Performance Rights Non-Executive ChairmanPeter Johnston CEO and Executive DirectorBryce Crocker Non-Executive DirectorsBrian Kennedy Michael CallahanDavid IssroffCompany SecretaryAlwyn Davey Contact DetailsSuite 2.03,1-11 Gordon Street Cremorne Victoria 3121Australia P: +61 (3) 9583 0498E: admin@jervoisglobal.comW: www.jervoisglobal.com Highlights -Jervois Finland Q1 2022 revenue of US$105.1 million (+9% vs Q4 2021) -Jervois Finland Q1 2022 adjusted EBITDA of US$14.9 million -Jervois completes first US$50 million drawdown from its US$100 million bond offering; proceeds to advance construction of its Idaho Cobalt Operations (“ICO”), United States -Underground drilling commences at ICO, with 5,800 metres of infill drilling planned during 2022 -Jervois planning surface and underground drilling programmes to focus on resource expansion at ICO -ICO construction continues with first production anticipated in Q3 2022 -Announcement of the São Miguel Paulista (“SMP”) Stage 1 BFS restart to produce mixed nickel hydroxide (“MHP”) and cobalt hydroxide. Initial Stage 1 forecast production of 10,000mtpa and 2,000mtpa of refined nickel and cobalt metal cathode, respectively -Jervois joins the FTSE All-World and SP/ ASX 300 indices in March following rebalances -Jervois ends March 2022 quarter with US$88.2 million in unrestricted and unescrowed cash, and debt drawn down of US$125.0 million1Jervois Finland Sales and Marketing Li-ion battery demand continues to lead the cobalt market, with demand steady but robust in other applications. Jervois achieved Q1 2022 revenue of US$105.1 million (an increase of +9% versus the prior quarter, Q4 2021), generated via quarterly cobalt sales volume of 1,446 metric tonnes. Production during the quarter was 1,275 metric tonnes, reflecting challenging conditions for supplier logistics, including global shipping markets. These factors affected Q1 production rates at Jervois’ facilities. Jervois is focused on working with its key suppliers to ensure adequate cobalt hydroxide raw material sourced by Jervois is made available to the Umicore refinery. Jervois continues to prudently manage its balance sheet and drew down an additional US$17.5 million in the quarter to fund Jervois Finland’s working capital requirements and to maintain financial flexibility. Volatility and uncertainty in global commodity markets has increased following Russia’s invasion of Ukraine. Jervois’ outlook for key market segments is summarised below. Chemicals, Catalysts and Ceramics -Robust demand in key copper electrowinning (EW”), coatings and rubber adhesion applications. Premiums remain stable in western markets. Lower premiums in Asia-Cobalt consumption in hydro-desulphurisation (HDS”) applications stable at historically lower levels. The rising oil price may increase the catalyst changeout frequency going forward-Increased energy (gas) costs and supply chain disruptions of a key ceramic raw material out of the Ukraine, are affecting operations at ceramic tile producers, particularly in Europe. This situation is having a negative knock-on effect at ceramic ink manufacturers Powder Metallurgy -Outlook for 2022 stable, with the primary uncertainty surrounded by automotive and the situation in Ukraine:-Aerospace continues to strengthen-All other markets remain strong, as energy (oil gas) continues to strengthen due to solid demand and higher prices-Automotive remains unclear; however, as semiconductor availability improves, the auto build rate will also increase Batteries -Li-ion battery demand (electric vehicles (EVs”) and electronics) continues to meet or exceed forecasts-Global electric vehicle production strong, but hampered by the lack of semiconductors-NMC cathode chemistry remains the cathode chemistry of choice for longer range vehicles. Cobalt consumption remains strong with demand for both sulphate and metal keeping Fastmarkets MB SG price close to US$40.00/lb Financial Performance2 Jervois Finland Q1 2022 revenue of US$105.1 million represented an increase of +9% over the prior quarter. Significantly, the Q1 2022 adjusted EBITDA of US$14.9 million was nearly a four-fold increase over the prior quarter, demonstrating the robust nature of the business once higher cobalt prices begin to be realised. Figure 1: Jervois Finland Financial Metrics and Market Price Indicators Click Image To View Full Size Revenue performance was supported by strengthening cobalt prices, with Q1 2022 representing the fourth successive quarter of revenue growth. Adjusted EBITDA performance in the quarter was underpinned by lower realised feed costs, that were favourably impacted by a net draw down of cobalt feed inventories in a rising price environment. This was partially offset by transitional factors associated with the increase in cobalt prices during the quarter. This includes both a lag in cobalt prices flowing through revenue, and effects of mark-to-market accounting on cobalt purchases. A key focus for the business is addressing emerging headwinds. While the direct impacts to the business resulting from the Russian invasion of Ukraine has been limited and is isolated to certain consumables, indirect impacts are intensifying with reduced reliability in supply chains and cost pressures emerging. Managing these risks and containing inflationary impacts is a key objective for the remainder of the year. 2022 EBITDA Guidance EBITDA guidance for full year 2022 is unchanged at US$50.0 to US$55.0 Million (Table 1). Table 1: Updated 2022 EBITDA guidance for Jervois Finland 2022 GuidanceQ2-Q4 Cobalt price (Metal Bulletin Fastmarkets SG) – US$/lbUS$39.75/lb2022 sales volumes guidance – Tonnes 5,750 to 6,0002022 EBITDA guidance – US$M (unchanged)US$50.0 - 55.0M Key factors that underpin the guidance update are as follows: -Guidance based on actual cobalt price (Metal Bulletin Fastmarkets Standard Grade) of US$35.70/lb for Q1 2022, and US$39.75/lb spot price for Q2 to Q4 2022-Price volatility in Q1 2022 moderates flow through benefit of price increase to EBITDA (revenue lag and mark-to-market impacts)-Lower sales volume guidance reflects logistical and supply chain interruptions – managing these risks will remain key focus for remainder of the year-Guidance assumes constant prices for Q2 to Q4 2022 – price volatility in the period will impact actual EBITDA outcome Idaho Cobalt Operations (“ICO”), United States 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. With commissioning expected in Q3 2022, ICO will be the United States’ only primary domestic mine supply of cobalt, a critical mineral used in applications across industry, defence, energy, and EVs. Following a cost and schedule review for ICO in December 2021, which led to a revised capital estimate of US$99.1 million, Jervois continued to progress construction of the project. In February, the Company announced it had completed the first of two US$50 million drawdowns of its US$100 million bond offering proceeds from the escrow account (the “Bonds”) as contemplated by the terms of the Bonds, as detailed in the Corporate section of this report. Surface construction continued during the quarter with advancement on mill foundations, the completion of the structural steel for the concentrator building, completion of the crushed ore bin and commencement of the camp construction with the first sleeper units of the camp installed. Mine development by regional contractor Small Mine Development continued during the quarter, with the completion of the explosives magazines and initial underground drill bays as well as the first ore access development, the start of the underground maintenance infrastructure and the main access decline. During the quarter, approximately 50,000 short tons were moved from the mine to the tailings and waste storage facility. At end March, Jervois had committed US$74.6 million of the total capital expenditure budget. Capital expenditure in Q1 2022 was US$19.6 million, and construction remains on budget and schedule. First concentrate production at ICO is anticipated for Q3 2022 and Jervois expects to reach sustainable commercial production in December 2022. Drilling at ICO In January, Jervois announced its Board had approved an initial infill programme at ICO to commence in Q1 2022. Jervois committed US$1.2 million to complete approximately 5,800 metres of underground drilling at its RAM deposit within ICO. The infill drilling campaign across 2022 will reduce drill hole spacing in the underground resource ahead of first production and is underway. During the quarter, approximately 300 metres (1,000 feet) of initial drilling was completed.In addition, Jervois’ team at ICO is planning a resource expansion drill programme from surface between April to November 2022, when site conditions allow. ICO’s RAM deposit remains open at depth, and Jervois has confidence that there exists a strong potential of resource and reserve expansion. Further details on this additional programme will be advised once finalised and approved. Expansion of the resource is important if ICO is to operate for longer than its initial mine life, or at higher production rates than contained in the ICO Bankable Feasibility Study (“BFS”). São Miguel Paulista (“SMP”) nickel and cobalt refinery, Brazil Jervois’ BFS for the SMP Nickel and Cobalt refinery was announced on 29 April 2022, with the following highlights: -SMP restart based on MHP and cobalt hydroxide. -Initial Stage 1 forecast production of 10,000mtpa3 and 2,000mtpa of refined nickel and cobalt metal cathode respectively. Stage 2 BFS regarding a return to full 25,000mtpa refined nickel production capacity expected to be finalized in the second half of 2022.-Net Present Value (“NPV”) for Stage 1 restart 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). -At US$8.00/lb nickel and US$25.00/lb cobalt, post ramp up of Stage 1 to BFS production rates, average annual EBITDA in real terms projected to be over US$30 million. Refinery economics resilient to a range of market scenarios, including current spot market conditions for refined and intermediate products. -Total project capital cost of US$55 million, representing a competitive refurbishment of an existing brownfield nickel and cobalt refinery. SMP has a long operating history, most recently placed into care and maintenance managed by current owner Companhia Brasil de Alumino (“CBA”). -Restarting the only electrolytic nickel-cobalt refinery in South and Latin America will deliver significant local and regional economic and social benefits to the São Miguel Paulista area of São Paulo city, Brazil. -SMP benefits from competitive low carbon energy (predominantly hydropower), skilled workforce, existing infrastructure including main arterial roads and ~120km from Brazil’s largest container port at Santos. -Jervois is advancing discussions on commercial supply contracts of MHP and cobalt hydroxide to underpin SMP restart.-Work continues on design of an autoclave to process cobalt concentrates from Jervois’s 100%-owned ICO; once available, this will be incorporated into the Stage 1 BFS. Stage 2 BFS taking refined nickel output back to the previous 25,000mtpa capacity on track for completion in the second half of 2022. -Execution planning has commenced and a final investment decision for Stage 1 is anticipated to occur in parallel to closing of the SMP acquisition. Jervois continues to advance operating permit renewal process with the São Paulo City Hall, a condition precedent to closing, before 31 August 2022. -First commercial production from SMP’s Stage 1 restart is expected during 2023. Nico Young Nickel-Cobalt Project, New South Wales, Australia Jervois’ 100%-owned Nico Young nickel and cobalt project envisages heap leaching nickel and cobalt laterite ore to produce either an intermediate mixed hydroxide precipitate or refining through to battery grade nickel sulphate and cobalt in refined sulphide. Jervois’ Board has approved recommencement of drilling at Nico Young, with an initial focus on converting inferred resources into the indicated category. Planning activities advanced during the quarter in relation to land access, stakeholder engagement and selection of drilling contractors. Corporate Activities Environmental, Social, Governance (“ESG”) and Compliance Substantial progress was made in the quarter through disclosure of Jervois’ inaugural 2021 Sustainability Report. The report outlines Jervois’ ESG performance gauged against key sustainability targets and progress towards translating sustainability commitments into action. Also, within the quarter, the Board approved adoption of a new Human Rights Policy and Jervois issued its first Modern Slavery Statement. Both strongly reaffirm our commitment to respect human rights, including those concerning labour rights, indigenous rights and women’s rights and the range of other rights and freedoms enshrined in the Universal Declaration of Human Rights and ILO Core Conventions. Coordination on these reports between technical leads in Finland, the United States and Brazil further reinforced efforts to harmonise ESG policies and procedures across the organisation. Among areas of progress, with respect to ISO 14001 and 45001 certifications, ICO began to assess related requirements and timelines and made significant process in stakeholder mapping. Headway was also made on engagements to support community agreements. SMP similarly initiated a structured stakeholder mapping process to inform its engagement and community investment strategies. Health and safety continued to be at the forefront at all operations. While Jervois Finland continued to implement its well developed OHS systems as operations continue, ICO is advancing construction rapidly, requiring exceptional leadership and diligence to ensure that all contractors and a growing number of employees strictly adhere to our high OHS standards. Substantial efforts were taken in the quarter to both bolster foundational procedures and expand leading actions. On other fronts, progress in advancing internal climate strategies was most pronounced at Jervois Finland through operational planning and actions related to energy, waste and water consumption and related R&D efforts. ICO’s collaboration with the Idaho Conservation League (“ICL”) under the “Upper Salmon Conservation Action Program” (“USCAP”) continued with the second call for proposals launched in the quarter, results of which will be announced in May 2022. In conjunction with the Company’s broader approach to ESG, Jervois continues its involvement in various initiatives and associations, including the Cobalt Institute’s Responsible Sourcing and Sustainability Committee (“RESSCOM). Jervois continues to be an active member of the United States Zero Emission Transportation Association (“ZETA”), of which the Company is a founding member alongside industry leaders such as Tesla, Albemarle and Livent. Jervois additionally had representation in workshops reviewing the Global Battery Alliance (“GBA”) carbon footprint calculations rulebook. Liquidity Jervois ended the March 2022 quarter with US$88.2 million in cash (excluding restricted cash associated with the US$100 million ICO Bonds). In February 2022, Jervois completed the first of two drawdowns, utilising US$50 million from its US$100 million bond offering proceeds from its escrow account, as contemplated by the terms of the Bonds. First drawdown on the Bonds followed RPM Global’s January 2022 site visit 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 Jervois’ ICO development project is expected to be fully funded to completion. Jervois is using these funds exclusively for ongoing construction of ICO. In March 2022, the Company's wholly owned subsidiary, Jervois Finland, drew down an additional US$17.5 million under the US$75.0 million Mercuria secured revolving credit facility, with the funds received on 14 March 2022. The facility was thus fully drawn at quarter close, consistent with rising cobalt prices. Jervois Index Inclusion Jervois entered the FTSE All-World Index on 18 March 2022 and the S&P/ASX 300 on 22 March 2022. The FTSE All-World Index is a market-capitalisation weighted index representing the performance of the large and mid-cap stocks from the FTSE Global Equity Index Series (“GEIS”), which covers approximately 95% of the world’s investable public market capitalisation. The index covers both Developed and Emerging markets and is suitable as the basis for investment products, such as funds, derivatives, and exchange-traded funds. Leading constituents include Apple, Microsoft, Alphabet, Meta Platforms and Amazon. The ASX 300 Index measures performance of the largest 300 companies publicly listed on the Australian Securities Exchange, or ASX. Jervois Annual Reporting In March, Jervois released its 2021 Annual Report, as well as its Sustainability Report, Corporate Governance Statement, Modern Slavery Statement, Human Rights Policy, Code of Ethics and Business Conduct, Supplier Standard and Appendix 4G. These documents can be found on its website at https://jervoisglobal.com/investors/asx-announcements/ Jervois Annual General Meeting date Jervois advised its Annual General Meeting will be on Friday 6 May 2022 at 9.00am (AEST), to be conducted in person and online for interested shareholders unable to attend. Jervois released a Notice of Meeting for its AGM to the ASX on 4 April 2022, along with proxy forms and a Canadian Voting Instruction Form. Investor Relations During the quarter, Chief Executive Officer Mr. Bryce Crocker and Chief Financial Officer Mr. James May participated in Hollywood, Florida, United States at the BMO Capital Markets 31st Global Metals & Mining Conference, with the Company both presenting and holding 1:1 investor meetings. Mr. May also delivered an online investor presentation on 30 March 2022 as part of a Virtual Conference coordinated by NWR Communications. After the quarter end, Mr. Crocker participated in the Clarksons Platou Securities Battery Minerals Panel, on 27 April 2022, and provided a Company presentation. Jervois Mining USA Limited Bond Listing In April 2022, pursuant to the terms of the Bonds, the Bonds were listed on the Nordic ABM, a list of registered bonds operated by Oslo Børs ASA. 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$19.6 million in the quarter. Brazilian development cash expenditure totalled R$6.6 million (A$1.7 million) during the quarter, as the SMP Stage 1 BFS was finalised for publication, and testwork advanced associated with an autoclave to increase operating flexibility. Insider Compensation Reporting During the quarter, A$0.1 million was paid to Non-Executive Directors and A$0.3 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 31 March 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 remaining* 1,344,750 1,179,750 1,980,000eCobalt options exercisable until 28 June 2022 at C$0.71 eacheCobalt options exercisable until 28 June 2023 at C$0.61 eacheCobalt options exercisable until 1 October 2023 at C$0.53 each4,504,500 * 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 BoardBryce CrockerChief Executive Officer For further information, please contact: Investors and analysts:James MayChief Financial OfficerJervois Global Limitedjames.may@jervoisglobal.com Media:Nathan RyanNWR Communicationsnathan.ryan@nwrcommunications.com.auMob: +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 2021 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 March and forecast results for April to December. The forecast period includes an assumption of a forecast quoted cobalt price of US$39.75/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 29 April 2022. Forward-Looking StatementsThis 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, certain production timing, capital costs, operating costs, production processes and other assumptions contained in the studies on the SMP refinery, closing of the acquisition of SMP refinery, utilisation of the working capital facility, utilisation of the ICO Bond, 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. 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35307248218703NFX 36307249218704NFX 37307250218705NFX 38307251218706NFX 42307255218710NFX 43307256218711NFX 44307257218712NFX 45307258218713NFX 46307259218714NFX 47307260218715NFX 48307261218716NFX 49307262218717NFX 50307263218718NFX 56307269218724NFX 57307270218725NFX 58307271218726NFX 59307272218727NFX 60 Amended307558218728NFX 61307274218729NFX 62307275218730NFX 63307276218731NFX 64307277218732OMN-1 revised315879228322Australian Tenements Description Tenement numberInterest owned %Ardnaree (NSW) EL 5527100.0Thuddungra (NSW) EL 5571100.0Nico Young (NSW) EL 8698100.0Ardnaree Magnesite (NSW) EL 8763100.0West Arunta (WA) E80 482020.0West Arunta (WA) E80 498620.0West Arunta (WA) E80 498720.0 Uganda Exploration Licences Description Exploration Licence numberInterest owned %Bujagali EL1666100.0Bujagali EL1682100.0Bujagali EL1683100.0Bujagali EL1665100.0Kilembe Area EL1674100.0Kilembe Area EL0012 100.0 Appendix 5BMining exploration entity or oil and gas exploration entity quarterly cash flow reportName of entityJervois Global LimitedABNQuarter ended (“current quarter”)52 007 626 575 31 March 2022 Consolidated statement of cash flowsCurrent quarter $A’000Year to date(3 months) $A’0001.Cash flows from operating activities132,357132,3571.1Receipts from customers1.2Payments for-- (a)exploration evaluation (b)development -- (c)production (128,957)(128,957) (d)staff costs (3,311)(3,311) (e)administration and corporate costs (1,548)(1,548)1.3Dividends received (see note 3)--1.4Interest received--1.5Interest and other costs of finance paid(10,081)(10,081)1.6Income taxes paid(4,953)(4,953)1.7Government grants and tax incentives--1.8Other – incl. business development costs and SMP BFS costs(1,739)(1,739)1.9Net cash from / (used in) operating activities(18,232)(18,232) 2.Cash flows from investing activities--2.1Payments to acquire or for: (a)entities (b)tenements -- (c)property, plant and equipment – incl. assets under construction (28,928)(28,928) (d)exploration evaluation (11)(11) (e)acquisition of subsidiaries -- (f)transfer tax on acquisition -- (g)other non-current assets --2.2Proceeds from the disposal of:-- (a)entities (b)tenements -- (c)property, plant and equipment -- (d)investments -- (e)other non-current assets --2.3Cash flows from loans to other entities --2.4Dividends received (see note 3)--2.5Other – SMP Refinery Purchase: lease payment--2.6Net cash from / (used in) investing activities(28,939)(28,939) 3.Cash flows from financing activities--3.1Proceeds from issues of equity securities (excluding convertible debt securities)3.2Proceeds from issue of convertible debt securities--3.3Proceeds from exercise of options3043043.4Transaction costs related to issues of equity securities or convertible debt securities(1,164)(1,164)3.5Proceeds from borrowings101,858101,8583.6Repayment of borrowings--3.7Transaction costs related to loans and borrowings--3.8Dividends paid--3.9Other--3.10Net cash from / (used in) financing activities100,998100,998 4.Net increase / (decrease) in cash and cash equivalents for the period 4.1Cash and cash equivalents at beginning of period67,73067,7304.2Net cash from / (used in) operating activities (item 1.9 above)(18,232)(18,232)4.3Net cash from / (used in) investing activities (item 2.6 above)(28,939)(28,939)4.4Net cash from / (used in) financing activities (item 3.10 above)100,998100,9984.5Effect of movement in exchange rates on cash held(3,795)(3,795)4.6Cash and cash equivalents at end of period117,762117,762 5.Reconciliation of cash and cash equivalentsat the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accountsCurrent quarter$A’000Previous quarter$A’0005.1Bank balances117,76267,7305.2Call deposits--5.3Bank overdrafts--5.4Other (provide details)--5.5Cash and cash equivalents at end of quarter (should equal item 4.6 above)117,76267,6306.Payments to related parties of the entity and their associatesCurrent quarter$A’0006.1Aggregate amount of payments to related parties and their associates included in item 14256.2Aggregate 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 facilitiesNote: the term “facility’ includes all forms of financing arrangements available to the entity.Add notes as necessary for an understanding of the sources of finance available to the entity.Total facility amount at quarter end$A’000Amount drawn at quarter end$A’0007.1Bond Facility1133,48666,7437.2Secured Revolving Credit Facility2100,115100,1157.3Other--7.4Total financing facilities233,601166,858 7.5Unused financing facilities available at quarter end66,7437.6Include 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.Bond Facility – US$100.0 million: On 20 July 2021 the Company completed settlement of a US$100.0 million senior secured bond facility. The bonds were issued by the Company’s wholly owned subsidiary, Jervois Mining USA Limited, and are administered by the bond trustee, Nordic Trustee AS. During the quarter, Jervois Mining USA Limited completed the first US$50.0 million drawdown on the bonds.Key terms:Issuer: Jervois Mining USA Limited (wholly owned subsidiary of the Company). Maturity: 5-year tenor with a maturity date of 20 July 2026. Original issue discount of 2%. Coupon rate: 12.5% per annum with interest payable bi-annually. No amortisation – bullet payment on maturity. Non-callable for 3 years, after which callable at par plus 62.5% of coupon, declining rateably to par in year 5. Transaction security: First priority security over all material assets of the Issuer, pledge of all the shares of the Issuer, intercompany loans. Secured Revolving Credit Facility – US$75.0 million: On 28 October 2021 the Company’s wholly owned subsidiaries, Jervois Suomi Holding Oy and Jervois Finland Oy entered into a secured loan facility with Mercuria Energy Trading SA, a wholly owned subsidiary of Mercuria Energy Group Limited, to borrow up to US$75 million. The facility was fully drawn as of 31 March 2022. Key terms:Borrowers: Jervois Suomi Holding Oy and Jervois Finland Oy (wholly owned subsidiaries of the Company). Maturity: rolling facility to 31 December 2024. Interest rate: LIBOR + 5.0% per annum. Transaction security: First priority security over all material assets of Jervois Finland, including inventory, receivables, collection account, and shares in Jervois Finland. 8.Estimated cash available for future operating activities$A’0008.1Net cash from / (used in) operating activities (item 1.9)(18,232)8.2(Payments for exploration & evaluation classified as investing activities) (item 2.1(d))(11) 8.3Total relevant outgoings (item 8.1 + item 8.2)(18,243)8.4Cash and cash equivalents at quarter end (item 4.6)117,7628.5Unused finance facilities available at quarter end (item 7.5)66,7438.6Total available funding (item 8.4 + item 8.5)184,505 8.7Estimated quarters of funding available (item 8.6 divided by item 8.3)10.11Note: 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 8.7.8.8If 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 statement1 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: 29 April 2022 Authorised by: Disclosure Committee(Name of body or officer authorising release – see note 4) Notes1. 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. 1 Represents aggregate of amounts drawn under US$75M working capital facility and amounts drawn down from Escrow Account under terms of US$100M Senior Secured Bonds. Amounts represent the nominal loan amounts; balances recorded in the Company’s financial statements under International Financial Reporting Standards will differ. 2 Information on the basis of preparation for the financial information included in this Quarterly Activities report is set out on page 12 below.3 Metric tonnes per annum.Copyright (c) 2022 TheNewswire - All rights reserved. Related Stocks: JRV Jervois Global Limited Data & News supplied by www.cloudquote.io Stock quotes supplied by Barchart Quotes delayed at least 20 minutes. By accessing this page, you agree to the following Privacy Policy and Terms and Conditions.
Jervois Quarterly Activities Report to 31 March 2022 By: TheNewswire.com - RSS (Media) April 28, 2022 at 19:12 PM EDT Jervois Quarterly Activities Report to 31 March 2022 Jervois Global LimitedACN: 007 626 575ASX/TSXV: JRVOTCQX: JRVMF Corporate Information:1,519.8M Ordinary Shares94.9M Options3.6M Performance Rights Non-Executive ChairmanPeter Johnston CEO and Executive DirectorBryce Crocker Non-Executive DirectorsBrian Kennedy Michael CallahanDavid IssroffCompany SecretaryAlwyn Davey Contact DetailsSuite 2.03,1-11 Gordon Street Cremorne Victoria 3121Australia P: +61 (3) 9583 0498E: admin@jervoisglobal.comW: www.jervoisglobal.com Highlights -Jervois Finland Q1 2022 revenue of US$105.1 million (+9% vs Q4 2021) -Jervois Finland Q1 2022 adjusted EBITDA of US$14.9 million -Jervois completes first US$50 million drawdown from its US$100 million bond offering; proceeds to advance construction of its Idaho Cobalt Operations (“ICO”), United States -Underground drilling commences at ICO, with 5,800 metres of infill drilling planned during 2022 -Jervois planning surface and underground drilling programmes to focus on resource expansion at ICO -ICO construction continues with first production anticipated in Q3 2022 -Announcement of the São Miguel Paulista (“SMP”) Stage 1 BFS restart to produce mixed nickel hydroxide (“MHP”) and cobalt hydroxide. Initial Stage 1 forecast production of 10,000mtpa and 2,000mtpa of refined nickel and cobalt metal cathode, respectively -Jervois joins the FTSE All-World and SP/ ASX 300 indices in March following rebalances -Jervois ends March 2022 quarter with US$88.2 million in unrestricted and unescrowed cash, and debt drawn down of US$125.0 million1Jervois Finland Sales and Marketing Li-ion battery demand continues to lead the cobalt market, with demand steady but robust in other applications. Jervois achieved Q1 2022 revenue of US$105.1 million (an increase of +9% versus the prior quarter, Q4 2021), generated via quarterly cobalt sales volume of 1,446 metric tonnes. Production during the quarter was 1,275 metric tonnes, reflecting challenging conditions for supplier logistics, including global shipping markets. These factors affected Q1 production rates at Jervois’ facilities. Jervois is focused on working with its key suppliers to ensure adequate cobalt hydroxide raw material sourced by Jervois is made available to the Umicore refinery. Jervois continues to prudently manage its balance sheet and drew down an additional US$17.5 million in the quarter to fund Jervois Finland’s working capital requirements and to maintain financial flexibility. Volatility and uncertainty in global commodity markets has increased following Russia’s invasion of Ukraine. Jervois’ outlook for key market segments is summarised below. Chemicals, Catalysts and Ceramics -Robust demand in key copper electrowinning (EW”), coatings and rubber adhesion applications. Premiums remain stable in western markets. Lower premiums in Asia-Cobalt consumption in hydro-desulphurisation (HDS”) applications stable at historically lower levels. The rising oil price may increase the catalyst changeout frequency going forward-Increased energy (gas) costs and supply chain disruptions of a key ceramic raw material out of the Ukraine, are affecting operations at ceramic tile producers, particularly in Europe. This situation is having a negative knock-on effect at ceramic ink manufacturers Powder Metallurgy -Outlook for 2022 stable, with the primary uncertainty surrounded by automotive and the situation in Ukraine:-Aerospace continues to strengthen-All other markets remain strong, as energy (oil gas) continues to strengthen due to solid demand and higher prices-Automotive remains unclear; however, as semiconductor availability improves, the auto build rate will also increase Batteries -Li-ion battery demand (electric vehicles (EVs”) and electronics) continues to meet or exceed forecasts-Global electric vehicle production strong, but hampered by the lack of semiconductors-NMC cathode chemistry remains the cathode chemistry of choice for longer range vehicles. Cobalt consumption remains strong with demand for both sulphate and metal keeping Fastmarkets MB SG price close to US$40.00/lb Financial Performance2 Jervois Finland Q1 2022 revenue of US$105.1 million represented an increase of +9% over the prior quarter. Significantly, the Q1 2022 adjusted EBITDA of US$14.9 million was nearly a four-fold increase over the prior quarter, demonstrating the robust nature of the business once higher cobalt prices begin to be realised. Figure 1: Jervois Finland Financial Metrics and Market Price Indicators Click Image To View Full Size Revenue performance was supported by strengthening cobalt prices, with Q1 2022 representing the fourth successive quarter of revenue growth. Adjusted EBITDA performance in the quarter was underpinned by lower realised feed costs, that were favourably impacted by a net draw down of cobalt feed inventories in a rising price environment. This was partially offset by transitional factors associated with the increase in cobalt prices during the quarter. This includes both a lag in cobalt prices flowing through revenue, and effects of mark-to-market accounting on cobalt purchases. A key focus for the business is addressing emerging headwinds. While the direct impacts to the business resulting from the Russian invasion of Ukraine has been limited and is isolated to certain consumables, indirect impacts are intensifying with reduced reliability in supply chains and cost pressures emerging. Managing these risks and containing inflationary impacts is a key objective for the remainder of the year. 2022 EBITDA Guidance EBITDA guidance for full year 2022 is unchanged at US$50.0 to US$55.0 Million (Table 1). Table 1: Updated 2022 EBITDA guidance for Jervois Finland 2022 GuidanceQ2-Q4 Cobalt price (Metal Bulletin Fastmarkets SG) – US$/lbUS$39.75/lb2022 sales volumes guidance – Tonnes 5,750 to 6,0002022 EBITDA guidance – US$M (unchanged)US$50.0 - 55.0M Key factors that underpin the guidance update are as follows: -Guidance based on actual cobalt price (Metal Bulletin Fastmarkets Standard Grade) of US$35.70/lb for Q1 2022, and US$39.75/lb spot price for Q2 to Q4 2022-Price volatility in Q1 2022 moderates flow through benefit of price increase to EBITDA (revenue lag and mark-to-market impacts)-Lower sales volume guidance reflects logistical and supply chain interruptions – managing these risks will remain key focus for remainder of the year-Guidance assumes constant prices for Q2 to Q4 2022 – price volatility in the period will impact actual EBITDA outcome Idaho Cobalt Operations (“ICO”), United States 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. With commissioning expected in Q3 2022, ICO will be the United States’ only primary domestic mine supply of cobalt, a critical mineral used in applications across industry, defence, energy, and EVs. Following a cost and schedule review for ICO in December 2021, which led to a revised capital estimate of US$99.1 million, Jervois continued to progress construction of the project. In February, the Company announced it had completed the first of two US$50 million drawdowns of its US$100 million bond offering proceeds from the escrow account (the “Bonds”) as contemplated by the terms of the Bonds, as detailed in the Corporate section of this report. Surface construction continued during the quarter with advancement on mill foundations, the completion of the structural steel for the concentrator building, completion of the crushed ore bin and commencement of the camp construction with the first sleeper units of the camp installed. Mine development by regional contractor Small Mine Development continued during the quarter, with the completion of the explosives magazines and initial underground drill bays as well as the first ore access development, the start of the underground maintenance infrastructure and the main access decline. During the quarter, approximately 50,000 short tons were moved from the mine to the tailings and waste storage facility. At end March, Jervois had committed US$74.6 million of the total capital expenditure budget. Capital expenditure in Q1 2022 was US$19.6 million, and construction remains on budget and schedule. First concentrate production at ICO is anticipated for Q3 2022 and Jervois expects to reach sustainable commercial production in December 2022. Drilling at ICO In January, Jervois announced its Board had approved an initial infill programme at ICO to commence in Q1 2022. Jervois committed US$1.2 million to complete approximately 5,800 metres of underground drilling at its RAM deposit within ICO. The infill drilling campaign across 2022 will reduce drill hole spacing in the underground resource ahead of first production and is underway. During the quarter, approximately 300 metres (1,000 feet) of initial drilling was completed.In addition, Jervois’ team at ICO is planning a resource expansion drill programme from surface between April to November 2022, when site conditions allow. ICO’s RAM deposit remains open at depth, and Jervois has confidence that there exists a strong potential of resource and reserve expansion. Further details on this additional programme will be advised once finalised and approved. Expansion of the resource is important if ICO is to operate for longer than its initial mine life, or at higher production rates than contained in the ICO Bankable Feasibility Study (“BFS”). São Miguel Paulista (“SMP”) nickel and cobalt refinery, Brazil Jervois’ BFS for the SMP Nickel and Cobalt refinery was announced on 29 April 2022, with the following highlights: -SMP restart based on MHP and cobalt hydroxide. -Initial Stage 1 forecast production of 10,000mtpa3 and 2,000mtpa of refined nickel and cobalt metal cathode respectively. Stage 2 BFS regarding a return to full 25,000mtpa refined nickel production capacity expected to be finalized in the second half of 2022.-Net Present Value (“NPV”) for Stage 1 restart 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). -At US$8.00/lb nickel and US$25.00/lb cobalt, post ramp up of Stage 1 to BFS production rates, average annual EBITDA in real terms projected to be over US$30 million. Refinery economics resilient to a range of market scenarios, including current spot market conditions for refined and intermediate products. -Total project capital cost of US$55 million, representing a competitive refurbishment of an existing brownfield nickel and cobalt refinery. SMP has a long operating history, most recently placed into care and maintenance managed by current owner Companhia Brasil de Alumino (“CBA”). -Restarting the only electrolytic nickel-cobalt refinery in South and Latin America will deliver significant local and regional economic and social benefits to the São Miguel Paulista area of São Paulo city, Brazil. -SMP benefits from competitive low carbon energy (predominantly hydropower), skilled workforce, existing infrastructure including main arterial roads and ~120km from Brazil’s largest container port at Santos. -Jervois is advancing discussions on commercial supply contracts of MHP and cobalt hydroxide to underpin SMP restart.-Work continues on design of an autoclave to process cobalt concentrates from Jervois’s 100%-owned ICO; once available, this will be incorporated into the Stage 1 BFS. Stage 2 BFS taking refined nickel output back to the previous 25,000mtpa capacity on track for completion in the second half of 2022. -Execution planning has commenced and a final investment decision for Stage 1 is anticipated to occur in parallel to closing of the SMP acquisition. Jervois continues to advance operating permit renewal process with the São Paulo City Hall, a condition precedent to closing, before 31 August 2022. -First commercial production from SMP’s Stage 1 restart is expected during 2023. Nico Young Nickel-Cobalt Project, New South Wales, Australia Jervois’ 100%-owned Nico Young nickel and cobalt project envisages heap leaching nickel and cobalt laterite ore to produce either an intermediate mixed hydroxide precipitate or refining through to battery grade nickel sulphate and cobalt in refined sulphide. Jervois’ Board has approved recommencement of drilling at Nico Young, with an initial focus on converting inferred resources into the indicated category. Planning activities advanced during the quarter in relation to land access, stakeholder engagement and selection of drilling contractors. Corporate Activities Environmental, Social, Governance (“ESG”) and Compliance Substantial progress was made in the quarter through disclosure of Jervois’ inaugural 2021 Sustainability Report. The report outlines Jervois’ ESG performance gauged against key sustainability targets and progress towards translating sustainability commitments into action. Also, within the quarter, the Board approved adoption of a new Human Rights Policy and Jervois issued its first Modern Slavery Statement. Both strongly reaffirm our commitment to respect human rights, including those concerning labour rights, indigenous rights and women’s rights and the range of other rights and freedoms enshrined in the Universal Declaration of Human Rights and ILO Core Conventions. Coordination on these reports between technical leads in Finland, the United States and Brazil further reinforced efforts to harmonise ESG policies and procedures across the organisation. Among areas of progress, with respect to ISO 14001 and 45001 certifications, ICO began to assess related requirements and timelines and made significant process in stakeholder mapping. Headway was also made on engagements to support community agreements. SMP similarly initiated a structured stakeholder mapping process to inform its engagement and community investment strategies. Health and safety continued to be at the forefront at all operations. While Jervois Finland continued to implement its well developed OHS systems as operations continue, ICO is advancing construction rapidly, requiring exceptional leadership and diligence to ensure that all contractors and a growing number of employees strictly adhere to our high OHS standards. Substantial efforts were taken in the quarter to both bolster foundational procedures and expand leading actions. On other fronts, progress in advancing internal climate strategies was most pronounced at Jervois Finland through operational planning and actions related to energy, waste and water consumption and related R&D efforts. ICO’s collaboration with the Idaho Conservation League (“ICL”) under the “Upper Salmon Conservation Action Program” (“USCAP”) continued with the second call for proposals launched in the quarter, results of which will be announced in May 2022. In conjunction with the Company’s broader approach to ESG, Jervois continues its involvement in various initiatives and associations, including the Cobalt Institute’s Responsible Sourcing and Sustainability Committee (“RESSCOM). Jervois continues to be an active member of the United States Zero Emission Transportation Association (“ZETA”), of which the Company is a founding member alongside industry leaders such as Tesla, Albemarle and Livent. Jervois additionally had representation in workshops reviewing the Global Battery Alliance (“GBA”) carbon footprint calculations rulebook. Liquidity Jervois ended the March 2022 quarter with US$88.2 million in cash (excluding restricted cash associated with the US$100 million ICO Bonds). In February 2022, Jervois completed the first of two drawdowns, utilising US$50 million from its US$100 million bond offering proceeds from its escrow account, as contemplated by the terms of the Bonds. First drawdown on the Bonds followed RPM Global’s January 2022 site visit 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 Jervois’ ICO development project is expected to be fully funded to completion. Jervois is using these funds exclusively for ongoing construction of ICO. In March 2022, the Company's wholly owned subsidiary, Jervois Finland, drew down an additional US$17.5 million under the US$75.0 million Mercuria secured revolving credit facility, with the funds received on 14 March 2022. The facility was thus fully drawn at quarter close, consistent with rising cobalt prices. Jervois Index Inclusion Jervois entered the FTSE All-World Index on 18 March 2022 and the S&P/ASX 300 on 22 March 2022. The FTSE All-World Index is a market-capitalisation weighted index representing the performance of the large and mid-cap stocks from the FTSE Global Equity Index Series (“GEIS”), which covers approximately 95% of the world’s investable public market capitalisation. The index covers both Developed and Emerging markets and is suitable as the basis for investment products, such as funds, derivatives, and exchange-traded funds. Leading constituents include Apple, Microsoft, Alphabet, Meta Platforms and Amazon. The ASX 300 Index measures performance of the largest 300 companies publicly listed on the Australian Securities Exchange, or ASX. Jervois Annual Reporting In March, Jervois released its 2021 Annual Report, as well as its Sustainability Report, Corporate Governance Statement, Modern Slavery Statement, Human Rights Policy, Code of Ethics and Business Conduct, Supplier Standard and Appendix 4G. These documents can be found on its website at https://jervoisglobal.com/investors/asx-announcements/ Jervois Annual General Meeting date Jervois advised its Annual General Meeting will be on Friday 6 May 2022 at 9.00am (AEST), to be conducted in person and online for interested shareholders unable to attend. Jervois released a Notice of Meeting for its AGM to the ASX on 4 April 2022, along with proxy forms and a Canadian Voting Instruction Form. Investor Relations During the quarter, Chief Executive Officer Mr. Bryce Crocker and Chief Financial Officer Mr. James May participated in Hollywood, Florida, United States at the BMO Capital Markets 31st Global Metals & Mining Conference, with the Company both presenting and holding 1:1 investor meetings. Mr. May also delivered an online investor presentation on 30 March 2022 as part of a Virtual Conference coordinated by NWR Communications. After the quarter end, Mr. Crocker participated in the Clarksons Platou Securities Battery Minerals Panel, on 27 April 2022, and provided a Company presentation. Jervois Mining USA Limited Bond Listing In April 2022, pursuant to the terms of the Bonds, the Bonds were listed on the Nordic ABM, a list of registered bonds operated by Oslo Børs ASA. 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$19.6 million in the quarter. Brazilian development cash expenditure totalled R$6.6 million (A$1.7 million) during the quarter, as the SMP Stage 1 BFS was finalised for publication, and testwork advanced associated with an autoclave to increase operating flexibility. Insider Compensation Reporting During the quarter, A$0.1 million was paid to Non-Executive Directors and A$0.3 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 31 March 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 remaining* 1,344,750 1,179,750 1,980,000eCobalt options exercisable until 28 June 2022 at C$0.71 eacheCobalt options exercisable until 28 June 2023 at C$0.61 eacheCobalt options exercisable until 1 October 2023 at C$0.53 each4,504,500 * 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 BoardBryce CrockerChief Executive Officer For further information, please contact: Investors and analysts:James MayChief Financial OfficerJervois Global Limitedjames.may@jervoisglobal.com Media:Nathan RyanNWR Communicationsnathan.ryan@nwrcommunications.com.auMob: +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 2021 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 March and forecast results for April to December. The forecast period includes an assumption of a forecast quoted cobalt price of US$39.75/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 29 April 2022. Forward-Looking StatementsThis 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, certain production timing, capital costs, operating costs, production processes and other assumptions contained in the studies on the SMP refinery, closing of the acquisition of SMP refinery, utilisation of the working capital facility, utilisation of the ICO Bond, 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. 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flow reportName of entityJervois Global LimitedABNQuarter ended (“current quarter”)52 007 626 575 31 March 2022 Consolidated statement of cash flowsCurrent quarter $A’000Year to date(3 months) $A’0001.Cash flows from operating activities132,357132,3571.1Receipts from customers1.2Payments for-- (a)exploration evaluation (b)development -- (c)production (128,957)(128,957) (d)staff costs (3,311)(3,311) (e)administration and corporate costs (1,548)(1,548)1.3Dividends received (see note 3)--1.4Interest received--1.5Interest and other costs of finance paid(10,081)(10,081)1.6Income taxes paid(4,953)(4,953)1.7Government grants and tax incentives--1.8Other – incl. business development costs and SMP BFS costs(1,739)(1,739)1.9Net cash from / (used in) operating activities(18,232)(18,232) 2.Cash flows from investing activities--2.1Payments to acquire or for: (a)entities (b)tenements -- (c)property, plant and equipment – incl. assets under construction (28,928)(28,928) (d)exploration evaluation (11)(11) (e)acquisition of subsidiaries -- (f)transfer tax on acquisition -- (g)other non-current assets --2.2Proceeds from the disposal of:-- (a)entities (b)tenements -- (c)property, plant and equipment -- (d)investments -- (e)other non-current assets --2.3Cash flows from loans to other entities --2.4Dividends received (see note 3)--2.5Other – SMP Refinery Purchase: lease payment--2.6Net cash from / (used in) investing activities(28,939)(28,939) 3.Cash flows from financing activities--3.1Proceeds from issues of equity securities (excluding convertible debt securities)3.2Proceeds from issue of convertible debt securities--3.3Proceeds from exercise of options3043043.4Transaction costs related to issues of equity securities or convertible debt securities(1,164)(1,164)3.5Proceeds from borrowings101,858101,8583.6Repayment of borrowings--3.7Transaction costs related to loans and borrowings--3.8Dividends paid--3.9Other--3.10Net cash from / (used in) financing activities100,998100,998 4.Net increase / (decrease) in cash and cash equivalents for the period 4.1Cash and cash equivalents at beginning of period67,73067,7304.2Net cash from / (used in) operating activities (item 1.9 above)(18,232)(18,232)4.3Net cash from / (used in) investing activities (item 2.6 above)(28,939)(28,939)4.4Net cash from / (used in) financing activities (item 3.10 above)100,998100,9984.5Effect of movement in exchange rates on cash held(3,795)(3,795)4.6Cash and cash equivalents at end of period117,762117,762 5.Reconciliation of cash and cash equivalentsat the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accountsCurrent quarter$A’000Previous quarter$A’0005.1Bank balances117,76267,7305.2Call deposits--5.3Bank overdrafts--5.4Other (provide details)--5.5Cash and cash equivalents at end of quarter (should equal item 4.6 above)117,76267,6306.Payments to related parties of the entity and their associatesCurrent quarter$A’0006.1Aggregate amount of payments to related parties and their associates included in item 14256.2Aggregate 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 facilitiesNote: the term “facility’ includes all forms of financing arrangements available to the entity.Add notes as necessary for an understanding of the sources of finance available to the entity.Total facility amount at quarter end$A’000Amount drawn at quarter end$A’0007.1Bond Facility1133,48666,7437.2Secured Revolving Credit Facility2100,115100,1157.3Other--7.4Total financing facilities233,601166,858 7.5Unused financing facilities available at quarter end66,7437.6Include 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.Bond Facility – US$100.0 million: On 20 July 2021 the Company completed settlement of a US$100.0 million senior secured bond facility. The bonds were issued by the Company’s wholly owned subsidiary, Jervois Mining USA Limited, and are administered by the bond trustee, Nordic Trustee AS. During the quarter, Jervois Mining USA Limited completed the first US$50.0 million drawdown on the bonds.Key terms:Issuer: Jervois Mining USA Limited (wholly owned subsidiary of the Company). Maturity: 5-year tenor with a maturity date of 20 July 2026. Original issue discount of 2%. Coupon rate: 12.5% per annum with interest payable bi-annually. No amortisation – bullet payment on maturity. Non-callable for 3 years, after which callable at par plus 62.5% of coupon, declining rateably to par in year 5. Transaction security: First priority security over all material assets of the Issuer, pledge of all the shares of the Issuer, intercompany loans. Secured Revolving Credit Facility – US$75.0 million: On 28 October 2021 the Company’s wholly owned subsidiaries, Jervois Suomi Holding Oy and Jervois Finland Oy entered into a secured loan facility with Mercuria Energy Trading SA, a wholly owned subsidiary of Mercuria Energy Group Limited, to borrow up to US$75 million. The facility was fully drawn as of 31 March 2022. Key terms:Borrowers: Jervois Suomi Holding Oy and Jervois Finland Oy (wholly owned subsidiaries of the Company). Maturity: rolling facility to 31 December 2024. Interest rate: LIBOR + 5.0% per annum. Transaction security: First priority security over all material assets of Jervois Finland, including inventory, receivables, collection account, and shares in Jervois Finland. 8.Estimated cash available for future operating activities$A’0008.1Net cash from / (used in) operating activities (item 1.9)(18,232)8.2(Payments for exploration & evaluation classified as investing activities) (item 2.1(d))(11) 8.3Total relevant outgoings (item 8.1 + item 8.2)(18,243)8.4Cash and cash equivalents at quarter end (item 4.6)117,7628.5Unused finance facilities available at quarter end (item 7.5)66,7438.6Total available funding (item 8.4 + item 8.5)184,505 8.7Estimated quarters of funding available (item 8.6 divided by item 8.3)10.11Note: 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 8.7.8.8If 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 statement1 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: 29 April 2022 Authorised by: Disclosure Committee(Name of body or officer authorising release – see note 4) Notes1. 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. 1 Represents aggregate of amounts drawn under US$75M working capital facility and amounts drawn down from Escrow Account under terms of US$100M Senior Secured Bonds. Amounts represent the nominal loan amounts; balances recorded in the Company’s financial statements under International Financial Reporting Standards will differ. 2 Information on the basis of preparation for the financial information included in this Quarterly Activities report is set out on page 12 below.3 Metric tonnes per annum.Copyright (c) 2022 TheNewswire - All rights reserved. Related Stocks: JRV Jervois Global Limited