Covenant Waiver extension and Interest Deferral

20 Aug 2024 14:05 CEST

Jervois Global Limited (“Jervois”) (ASX: JRV) (TSX-V: JRV) (OTC: JRVMF) and
Holder (defined below) have agreed to extend the Waiver and the Deferral of the
Idaho Cobalt Operations (“ICO”) Bonds (as such terms are defined below) to 30
August 2024 and, until implemented, to forbear remedies associated with
financial covenant compliance.
The Holder is the majority bondholder of the US$100 million 12.5% ICO senior
secured bonds (the “ICO Bonds”).
In relation to the ICO Bonds, this revised waiver is in respect of all financial
covenants and certain potential cross-defaults (collectively the “Waiver”) and
the further extension of the ICO Bonds interest deferral with respect to the
semi-annual payments (the "Deferral"), to run concurrent with ongoing commercial
discussions with the Holder.

Until the Waiver and the Deferral are implemented, the Holder has also agreed to
forbear remedies associated with financial covenant compliance.

To be implemented, the Waiver and the Deferral require approval of at least 2/3
of the principal amount of the ICO Bonds. The process to obtain the necessary
written resolution of the ICO bondholders will commence and is expected to be
passed within the Waiver period, as the Holder has agreed that its more than 2/3
of the principal amount of the ICO Bonds will approve the Waiver and the
Deferral. The summons to be issued by the Bond trustee is attached at Appendix
A.

As previously announced, Jervois is working in conjunction with its providers of
both debt and equity capital, and third parties, on potential transactions to
strengthen its balance sheet.

Jervois refers bondholders to the Annual Audited Financial Statements of Jervois
published on 19 March 2024 and of the Issuer, Jervois Mining USA on 24 April
2024.

The ICO Bonds were issued by a Jervois United States subsidiary, Jervois Mining
USA, secured by ICO and guaranteed by Jervois in 2021. Other than the Waiver and
the Deferral, there are no changes proposed to terms of the ICO Bonds, including
coupon, security or guarantee arrangements. The ICO Bonds also continue in the
ordinary course to be subject to no principal repayment until the end of their
existing 5-year term in July 2026.

This information is subject to disclosure pursuant to section 3.5.1 of the
Nordic AMB Issuer Rules.

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625683_240820 Bond Waiver extension and Interest Deferral.pdf