Jervois begins expansion of BFS refinery at Kokkola

Strong points

  • Jervois Initiates Bankable Feasibility Study (“BFS”) to Expand Cobalt Refining Capacity at Kokkola

  • Jervois Finland, a 100% subsidiary of Jervois, has been operating for more than 50 years in the production of cobalt chemicals and powders

  • The BFS scope will expand access to the annual capacity of the Jervois refinery from 6,250 metric tons to at least 12,250 metric tons of refined cobalt, to meet growing global demand

  • Kokkola expansion expected to increase Jervois’ participation in cobalt reclamation, with 10-15% of cobalt inputs to be received as recycled units

  • Advances Jervois’ strategy to become a significant global supplier of cobalt products for batteries and other industries

May 16, 2022 – TheNewswire – Australia – Jervois Global Limited (“Jervois“or the”Company”) (ASX:JRV) (TSXV:JRV) (OTC:JRVMF) announces the start of a bankable feasibility study (“BFS”) to expand refined cobalt production in the Kokkola Industrial Park, Finland.

Jervois’ wholly-owned subsidiary, Jervois Finland, is a leading supplier of high quality cobalt products, with advanced technological capabilities, product quality and reliability, and a strong commitment to high environmental and sustainability standards. Jervois Finland has over 50 years of cobalt production experience in Kokkola, with a global customer base in rechargeable batteries, chemicals, catalysts, ceramics and powder metallurgy applications.

The BFS will assess the potential expansion of Jervois Finland’s production via the construction of a new refinery close to the location of its current facilities in the Kokkola Industrial Park. The expansion is expected to consist of the addition of at least 6,000 metric tons of annual cobalt refining capacity and would be separate from Jervois’ existing business relationships. An expansion of refining capacity should be available alongside the expected expansion of cobalt demand for the second half of this decade.

The expansion of Jervois Finland’s production capacity advances the company’s strategy to become a leading global supplier of specialty chemicals and advanced cobalt manufactured products for the battery and other industries, alongside the development of its cobalt operations in Idaho (“ICO”) in the United States, which is expected to begin production of cobalt concentrate in the third quarter of 2022. Jervois also recently announced the BFS result for the restart of stage 1 of the São Miguel Paulista (“SMP”) Nickel and Cobalt refinery in Brazil, which Jervois is in the process of acquiring.

Jervois Finland’s flexible downstream platform in advanced cobalt materials production capability represents a unique advantage. The refinery will be physically connected to Jervois Finland’s existing state-of-the-art manufacturing plants, to enable further optimization of the capacity of the existing product line at the powder and chemical plants. Jervois Finland has a finished product production capacity of 11,000 metric tons per year of contained cobalt. More refined production will lead to greater flexibility to adapt to end-user demands and to continuously optimize the product range.

Jervois Finland’s existing ESG framework, including responsible sourcing, will cover expanded refining operations and input requirements.

Kokkola’s proposed expansion will lead to Jervois’ increased participation in ‘closed-loop’ circular recycling, where cobalt is used by customers and returned to Jervois Finland for regeneration. Approximately 10-15% of cobalt inputs are expected to be received as recycled units, which is similar to the ratio currently processed at Jervois Finland’s existing operations.

The expansion schedule will be determined as part of the BFS, but will not require any significant short-term financial investment for Jervois. The selection processes for technical partners in Finland are ongoing, covering key areas of work such as flowsheet piloting, process engineering, and environmental and other permits.

Initial commercial discussions with end product customers and refinery feed suppliers (including recyclers) are also underway.

On behalf of Jervois Global Limited,

Bryce Crocker, General Manager

For more information, please contact:

Forward-looking statements

This press 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 press release, the words “anticipate”, “believe”, “estimate”, “expect”, “target”, “plan”, “anticipate”, “may”, “schedule “, “expect” and similar words or phrases identify forward-looking statements or information. Such forward-looking statements or information may relate to Jervois Finland’s production mix, proposed refinery size, timing of study completion, timing of future operations, potential levels of recycling inputs and certain other factors. or information. These statements represent the current views of Jervois regarding future events and are necessarily based on a number of assumptions and estimates which, while considered reasonable by Jervois, are inherently subject to significant business risks, contingencies and uncertainties. , economic, competitive, political and social. . Many factors, known and unknown, could cause actual results, performance or achievements to differ materially from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. Jervois does not intend, and undertakes no obligation, to update such forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other event affecting such statements and information other than as required. by applicable laws, rules and regulations. .

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

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