Jervois suspends final construction at Idaho Cobalt Operations

27 Apr 2023 00:14 CEST

Highlights:

• Jervois suspends final construction at Idaho Cobalt Operations (“ICO”) due to
continuing low cobalt prices and United States (the “U.S.”) inflationary impacts
on construction costs, to prudently preserve the value of ICO's ore body
• Jervois expects cobalt prices to recover over the medium term, including from
the influences of the energy transition (EVs etc) and the Company’s expectation
that Western cobalt purchasers will increasingly prefer to buy from sources with
Western ESG credentials, such as ICO
• Jervois expects to complete construction of and commission ICO when cobalt
prices recover, which it also expects will align with cobalt refining capacity
in the U.S. brought into operation by Jervois and/or third parties
• Jervois applied for U.S. Government grant monies to accelerate drilling aimed
at increasing ICO mineral resource and reserve, and for studies to assess
construction of a cobalt refinery in the U.S.; both can proceed as planned
despite ICO’s suspension
• Jervois is optimistic that it can benefit from recently announced U.S.
Government programs to financially support the development of U.S. supply chains
of critical minerals including cobalt

Please see attached announcement for further information

More information:
Access the news on Oslo Bors NewsWeb site

588676_20230329 Announcement ICO Update final.pdf