Updated RAM resource offers opportunity to extend ICO mine life

27 Apr 2023 00:40 CEST

Highlights
• 2023 updated Mineral Resource Estimate (“MRE”) for the RAM deposit at the
Idaho Cobalt Operations (“ICO”) incorporates 10,000 metres (“m”) of new drilling
comprising six (6) resource expansion drillholes and sixty-two (62) infill
drillholes
• Updated ICO Measured and Indicated (“M&I”) MRE at 3.78 million metric tonnes
(“Mt”) grading 0.52% cobalt (“Co”), 0.84% copper (“Cu”) and 0.54 grams per
metric tonne of gold (“g/t Au”), reported at a cut-off grade (“CoG”) of 0.20%
Co; update broadly consistent with previous (2020) MRE
• Updated Inferred Resources increased grade, relative to the previous (2020)
MRE, with updated tonnage of 1.59Mt @ 0.51% Co, 0.92% Cu and 0.65 g/t Au; at a
0.20% Co CoG. Co, Cu and Au grades improved 21%, 84% and 18%, respectively
• Inferred Resources represent significant opportunity with respect to
resource/reserve development through potential conversion to M&I classification
with further drilling
• RAM orebody remains open at depth and along strike; Jervois has identified
Exploration Targets beyond the limits of the current MRE that represent between
0.5-0.7Mt of mineralisation ranging from 0.63% to 0.79% Co, 0.69% to 0.79% Cu
and 0.45 to 0.53 g/t Au
• Drilling results provide confidence that the updated RAM resource has
potential to ultimately support extended mine life when utilised to update
Mineral Reserves and incorporated into a revised Life of Mine plan
United States (“U.S.”) Department of Defense (“DOD”) intends to award Jervois
US$15 million under Defense Production Act (“DPA”) Title III programme; proceeds
can accelerate drilling, aimed at increasing ICO mineral resource and reserve,
and assess construction of a cobalt refinery in the U.S.; both can proceed as
planned despite the recently announced suspension of the ICO mine

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588677_20230419 ICO Resource Update final.pdf