U.S. Government-funded extension drilling confirms resource growth potential at Jervois’ ICO

31 Jul 2024 02:01 CEST

Highlights:

• U.S. Department of Defense (“DoD”) Defense Production Act (“DPA”) Title III
funded extensional drilling at Jervois’ 100%-owned Idaho Cobalt Operations
(“ICO”) has returned positive indication of RAM resource growth potential

• Deepest targeted drilling to date at ICO demonstrates strong
cobalt-copper-gold mineralisation over mineable widths outside existing reported
resource wireframes

• Four extensional drillholes completed; all holes intersected the main
mineralised horizon (“MMH”). Analytical results include:
o 1.8 metres calculated true width (“CTW”) @ 1.10% cobalt (“Co”), 1.18% copper
(“Cu”) and 0.69 grams per metric tonne gold (“g/t Au”) (Hole JU24-093)
o 4.8m CTW @ 0.18% Co, 0.34% Cu and 0.10 g/t Au (JU24-095)
o 2.1m CTW @ 0.48% Co, 0.60% Cu and 0.86 g/t Au (JU24-096)
o 5.5m CTW @ 0.61% Co, 1.35% Cu and 1.51 g/t Au (JU24-097)

• These results are complemented by hangingwall (“HW”) intercepts in JU24-093,
JU24-095 and JU24-096, depicting positive continuity of semi-parallel HW
mineralisation:
o 3.8m CTW @ 0.48% Co, 1.74% Cu and 1.13 g/t Au (JU24-093)
o 2.7m CTW @ 0.38% Co, 0.22% Cu and 0.27 g/t Au (JU24-095)
o 5.2m CTW @ 1.40% Co, 1.38% Cu and 2.23 g/t Au (JU24-096)

• Prior to drilling, ICO’s mineral resource was already the largest and highest
grade confirmed cobalt orebody in the U.S.

Please see attached for full details.

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624255_240731 RAM Drilling Results_vf.pdf