Jervois Global Limited Quarterly Activities Report to 30 September 2024

(via TheNewswire)

 

        31 October 2024 (Australia) - TheNewswire                                                  

 

Jervois Global Limited

ACN: 007 626 575

ASX/TSXV: JRV

OTCQB: JRVMF

 

Corporate Information

2,703M Ordinary Shares

53.4M Options

209.2M Performance Rights

 

Non-Executive Chairman

Peter Johnston

 

CEO and Executive Director

Bryce Crocker

 

Non-Executive Directors

Brian Kennedy Michael Callahan

David Issroff

Daniela Chimisso dos Santos

Company Secretary

Alwyn Davey

 

Contact Details

Suite 2.03,

1-11 Gordon Street Cremorne

Victoria 3121

Australia

 

P: +61 (3) 9583 0498

E: [email protected]

W: www.jervoisglobal.com

 

Highlights

 

Jervois Finland:

  • US$2.9 million adjusted EBITDA0F1 in Q3 2024; resilient performance in context of cyclically weak market conditions, including low cobalt prices.  

  • 1,354 metric tonnes (“mt”) of cobalt sold in Q3 2024; expected full year guidance of 5,100 to 5,400 mt is unchanged. 

 

Jervois USA:

  • Strong results from resource extensional drilling at Idaho Cobalt Operations (“ICO”), funded by U.S. Department of Defense (“DoD”) Defense Production Act (“DPA”) Title III funding, illustrates growth potential. 

  • Advancing U.S. cobalt refinery bankable feasibility study (“BFS”) funded by DoD, still expected to be completed in Q4 2024. 

 

Corporate:

  • Fully drawn US$7.5 million additional secured term loan as part of amended Jervois Finland working capital facility. 

  • Waiver of covenants under Jervois’ debt facilities and deferral of ICO bond interest extended until 14 December 2024. 

  • US$15.4 million cash balance, US$33.0 million physical cobalt inventories and US$147.9 million1F2 drawn senior debt at September 2024 quarter-end. 

  • Jervois continues to pursue a balance sheet restructuring transaction, including relying on its secured lender to extend covenant waivers and interest deferral, and to provide additional debt funding. 

Financing update

Jervois Global Limited (“Jervois” or the “Company” and, together with its subsidiaries, “Jervois Global Group”) ended the September 2024 quarter with US$15.4 million in cash, US$33.0 million in physical cobalt inventories, and total drawn senior debt of US$147.9 million.

End of September 2024 cash of US$15.4 million was lower than the previous quarter-end balance of US$21.3 million, with cash flow impacted by a rebuild of inventories in the quarter at Jervois Finland and holding costs at Jervois’ 100%-owned ICO mine site in the U.S. and the São Miguel Paulista (“SMP”) nickel-cobalt refinery in São Paulo, Brazil. The Company also incurred US$2.3 million in costs in the quarter, pursuing a balance sheet restructuring transaction.

At 27 October 2024, Jervois Global Group’s current cash balance is US$9.8 million.

During the quarter, Jervois and its “Lender”, being the majority holder of the US$100.0 million 12.5% ICO Senior Secured Bonds (the “ICO Bonds”) and lender under Jervois Finland’s working capital facility (the “JFO Facility”), amended the JFO Facility including adding a US$7.5 million term loan facility (the “Term Loan”) for general corporate and working capital purposes. The Term Loan is fully drawn, with US$3.75 million drawn in the quarter and, subsequent to the quarter end in October 2024, the remaining US$3.75 million drawn.

As part of the Term Loan, the Lender received additional security for the JFO Facility, including an agreement to provide a pledge over the shares of Jervois Brasil, which owns the SMP nickel-cobalt refinery, and a second lien on the assets which currently pledged to secure the repayment of the ICO Bonds.

The Lender, as majority holder of the ICO Bonds, agreed on 15 October 2024 to (a) extend to 14 December 2024 the waiver of all financial covenants and certain potential cross-defaults under the ICO Bonds (collectively the “Waiver”), (b) defer the semi-annual interest payments under the ICO Bonds (the “Deferral”)2F3 and (c) to forbear remedies associated with ICO Bonds financial covenant compliance. In exchange, the Company granted a second lien on the Jervois Finland assets pledged to secure the repayment of the JFO Facility security package, in favour of the ICO Bonds.

At 31 October 2024, neither the ICO Bonds nor the JFO Facility are in default.

  

Jervois Finland

  • Revenue:                        US$38.2 million        (Q2 2024: US$36.9 million) 

  • Adjusted EBITDA                US$2.9 million                (Q2 2024: US$0.2 million) 

  • Cash flow from operations:        -US$1.0 million        (Q2 2024: US$4.3 million) 

  • Sales volume:                        1,354 mt                (Q2 2024: 1,163 mt) 

  • Production volume:                1,389 mt                (Q2 2024: 1,041mt) 

Sales and marketing

Jervois Finland produced 1,389 mt and sold 1,354 mt of cobalt in the quarter.

Figure 1: Jervois Finland sales volume by quarter (mt)

Click Image To View Full Size

Sales volumes of 1,163 mt during the quarter ending 30 September 2024 were 16% higher than the previous quarter volumes. The increase in sales volumes on the prior quarter reflected an uptick in demand from cobalt battery customers due to U.S. Foreign Entity of Concern (“FEOC”) regulations. Production volumes and product mix remains subject to continuous review and adjustment based on Jervois assessing end-use demand and considering target inventory levels. Production levels in the quarter were higher than the previous quarter to achieve alignment with the increase in sales and current market demand.

Jervois Finland’s sales performance and outlook for key market segments are summarised below.

Batteries:

  • Jervois is commencing negotiations for 2025 supply agreements and expects U.S. requirements to source non-FEOC cobalt sulphate to result in new customers in 2025. 

  • The U.S. Inflation Reduction Act, including FEOC sourcing restrictions, continues to drive interest in the U.S. and other Western supply of battery raw materials, providing a key advantage to Kokkola as the leading global cobalt refinery outside of China. 

  • European and U.S. based electric vehicle (EV”) OEMs (automakers) continue to enquire about multi-year cobalt supply contracts. However, medium-term timelines remain uncertain and committed volume requests commence later than previously forecast due a moderation in current EV roll out rates.  

Chemicals, Catalysts, and Ceramics:

  • Chemicals: Demand in general continues to show stability across key chemical applications, with coatings and rubber adhesion being particularly robust. 

  • Catalysts: Cobalt demand continues to track steadily in the refinery catalyst segment, albeit at somewhat lower levels against 2023. 

  • Ceramics: This segment continues to be impacted by reduced demand and increased competition. Cobalt producers in China are aggressively targeting export markets, resulting in continued low prices. These prices look to remain under pressure throughout the balance of the year as pigment producers are benefiting from increased competition by suppliers, together with less focus on supplier ESG characteristics than other customer segments. 

Powder Metallurgy:

  • Competition in downstream markets (especially from China) continues to weaken demand for Jervois product across all powder metallurgy applications. 

  • There has been no improvement in automotive, oil and gas production (drilling), general engineering, and construction markets. These markets are forecast to remain weak through to the beginning of 2025. 

  • Continued positive outlook in aerospace, which remains supported by expansion in both civilian and military sectors. 

Financial performance

Jervois Finland achieved revenue of US$38.2 million in the quarter, a 4% increase on the prior quarter. The increase was principally due to higher sales volumes, offset by lower realised pricing due to historically low cobalt prices during the quarter. The business improvement programme, introduced in Q4 2023, continues to deliver a positive impact, with operating costs trending lower in the quarter, partially offsetting lower cobalt prices.

Adjusted EBITDA

Jervois Finland achieved Adjusted EBITDA in the third quarter of US$2.9 million, continuing a turnaround that commenced in the second quarter of 2023. Q3 2024 was the sixth consecutive quarter of positive Adjusted EBITDA, and the result is consistent with Jervois Finland’s historical performance of its business model supporting a positive margin in an environment of cyclically weak, but stable, cobalt prices.

 

Figure 2: Jervois Finland Adjusted EBITDA by quarter (US$M, unaudited)

Cash flow performance

Cash flow from operations (before interest payments) was -US$1.0 million in the quarter. Higher sales volumes and the financial benefits of sustained delivery of the business improvement programme at Jervois Finland continued to deliver a positive impact, with operating costs trending lower during the quarter. Higher working capital inventory offset the positive underlying financial result in the quarter. Physical cobalt inventories increased by US$1.1 million from US$31.9 million at 30 June 2024 to US$33.0 million at 30 September 2024. This represented an increase from 1,158 mt and ~69 days at 30 June 2024 to 1,305 mt and ~78 days at 30 September 2024, based on a normalised 6,000 mt annual production rate. Jervois is continuing to execute an inventory management strategy aligned to a near-term target range of 90 days or less, in a manner that balances commercial, liquidity, and risk management objectives.

Jervois USA

Idaho Cobalt Operations, U.S.

During the quarter, Jervois reported results from extensional drillholes as part of its U.S. DoD DPA Title III fully refundable (“DoD Agreement Funding”) programme at ICO.

Results from the initial four drillholes of Jervois’ RAM extensional drilling campaign under its DoD Agreement Funding yielded positive indication of resource extension both along strike and at depth. Drillhole JU24-097 provides an especially positive indication of the potential for extension of the RAM deposit, with its significant mineralisation and width representing the deepest intersection of the main mineralised horizon (“MMH”) to date at ICO. Additionally, the development of significant hangingwall (“HW”) intercepts across 2024 extensional drilling provides further strategic opportunity for cobalt resource growth.

Extensional drilling was conducted from a single underground drilling platform positioned within existing underground mine workings at ICO, with collar coordinates found in Table 1 included in the ASX announcement dated 31 July 20243F4.

Underground drilling at RAM highlighted appreciable grades, widths, and mineralisation continuity. The deepest intercept to date indicated strong upside potential of further resource extension at depth, which Jervois anticipates will be tested with future drilling.

Importantly, drilling demonstrated down-dip grade continuity along an interpreted orientation favourable to continued exploration by Jervois within its contiguous claim boundaries. This updated interpretation of the MMH in the southern extents of the RAM provides additional pathways to resource growth, previously believed to be limited to deep exploratory drilling, with additional moderate-depth extensional drilling at ICO. Greater continuity of HW mineralisation is also observed along this mineralised orientation based upon the 2024 drilling programme, indicating further resource growth opportunity.

Table 1: RAM DoD Agreement Funding extensional drilling results

Hole ID

From

(m)

To

(m)

Zone

True width*

(m)

Co grade

(%)

Cu grade

(%)

Au grade (g/t)

JU24-093

155.3

159.3

HW

3.8

0.48

1.74

1.131

JU24-093

174.4

176.5

MMH

1.8

1.10

1.18

0.686

JU24-093

200.6

203.7

FW

2.6

0.15

1.57

0.309

JU24-095

194.7

198.1

HW

2.7

0.38

0.22

0.274

JU24-095

207.1

212.8

MMH

4.8

0.18

0.34

0.103

JU24-095

264.0

266.3

FW

1.5

0.43

0.99

0.617

JU24-096

221.9

229.2

HW

5.2

1.40

1.38

2.229

JU24-096

241.4

244.3

MMH

2.1

0.48

0.60

0.857

JU24-097

393.6

405.0

MMH

5.5

0.61

1.35

1.509

* Calculated true widths determined for the composited intercept mid-point, perpendicular to the down-dip projection of the RAM deposit.

Jervois completed 2,500 metres of targeted resource expansion drilling across both its RAM and Sunshine deposits under the DoD Agreement Funding, as well as more than 350 metres of underground mine development in support of DoD Agreement Funding extensional drilling.

Amendments to the DoD Agreement Funding during the quarter allow about half of the ~US$1.0 million monthly ICO site holding costs to be reimbursed under the DoD Agreement Funding, utilising residual unallocated funds from the US$15.0 million budget for an expected six-month period, commencing 1 October 2024. Jervois is engaged with the DoD seeking an extension and expansion of DPA Title III support of ICO.

U.S. cobalt refinery study

During the quarter, work continued on the U.S. cobalt refinery BFS being conducted with AFRY USA LLC, with a design capacity of 6,000 mt per annum of cobalt in sulphate form, suitable for EVs. The facility design would be able to supply sufficient cobalt for approximately 1.2 million EVs per annum. The cobalt refinery BFS is fully refundable through the existing DoD Agreement Funding. The BFS continues to be expected to be completed in the fourth quarter 2024.

São Miguel Paulista (“SMP”) nickel and cobalt refinery, Brazil

SMP continues to deliver a cost-effective care and maintenance programme, and advance work focussed on maximising optionality for a restart of the refinery.

Corporate activities

In October 2024, the Company’s Chief Executive Officer, Mr. Bryce Crocker, attended the Minerals Security Partnership Finance Network forum in New York.

Exploration and development expenditure

No material cash expenditure on exploration and development was spent during the quarter.

Insider compensation reporting

During the quarter, US$0.1 million was paid to Non-Executive Directors and US$0.1 million was paid to the CEO (Executive Director).

By order of the Board

 

Bryce Crocker

Chief Executive Officer

For further information, please contact:

Investors and analysts:

Alicia Brown

Group Manager External Affairs

Jervois Global Limited

[email protected]

 

Media:

Nathan Ryan

NWR Communications

[email protected]

Mobile: +61 420 582 887

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 restructure of the balance sheet, operations at Jervois Finland, future resource potential at ICO, U.S. refinery studies, reimbursement of funds to Jervois Mining USA Limited by the DoD, possible restart of the SMP refinery, 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.

 

Basis of preparation of financial information

Historical and forecast financial information

Financial information is prepared under Jervois Global Group accounting policies, which conform with Australian Accounting Standards and International Financial Reporting Standards (“IFRS”). The Jervois Finland financial results for the period post-acquisition are consolidated into the Jervois Global Group consolidated financial statements. All 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.

Reconciliation of net profit after tax (“NPAT”) to EBITDA and Adjusted EBITDA

EBITDA is a non-IFRS financial measure. EBITDA is presented as net income after adding back interest, tax, depreciation and amortisation, and extraordinary items. Adjusted EBITDA represents EBITDA 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, NRV adjustments to inventories, fair value adjustments on financial instruments, and one-off project-related costs.

Refer to the table below for a reconciliation of NPAT to EBITDA and Adjusted EBITDA.

Click Image To View Full Size

Tenements

 

Australian Tenements

 

0BDescription

1BTenement number

2BInterest owned %

Ardnaree (NSW)

 

EL 5527

100.0

Thuddungra (NSW)

 

EL 5571

100.0

Nico Young (NSW)

 

EL 8698

100.0

West Arunta (WA)

 

E80 4820

17.9

West Arunta (WA)

 

E80 4986

17.9

West Arunta (WA)

 

E80 4987

17.9

     

Idaho Cobalt Operations – 100% Interest owned

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

           

1 EBITDA is a non-IFRS financial measure. EBITDA is presented as net income after adding back interest, tax, depreciation and amortisation, and extraordinary items. Adjusted EBITDA represents EBITDA 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, NRV adjustments to inventories (or reversals), fair value adjustments on financial instruments, and one-off project-related costs. Refer to the “Basis of preparation of financial information” section for a reconciliation of NPAT to EBITDA and Adjusted EBITDA.

2 Drawn senior debt represents the aggregate of amounts drawn under Jervois’ senior debt facilities (excludes Unsecured Convertible Notes that mature in July/August 2028). Amounts represent the nominal loan amounts; balances recorded in Jervois’ financial statements under International Financial Reporting Standards will differ.

3 See JRV ASX Announcements dated 9 May 2024, 22 July 2024, 21 August 2024, 2 September 2024, 16 October 2024.

4 In accordance with ASX listing rule 5.23.2, Jervois confirms it is not aware of any new information or data that materially affects the information included in the relevant market announcements referred to above and that the assumptions contained therein continue to apply and have not materially changed.

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