Extension of Waiver, Interest Deferral and Bond amendment

06 Sep 2024 10:07 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) until
the later of 15 October 2024, or as extended in the Holders discretion, or such
other date contemplated by a transaction support agreement in relation to a
proposed recapitalisation, in circumstances where the Company and Holder enter
into such an agreement (the “Outside Date”), 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”) as well as lender under the Jervois Finland
working capital facility (“JFO Facility”).

In relation to the ICO Bonds, this extended 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 support Jervois’
continuing work with its debt and equity capital providers, including the Holder
and third parties, on potential transactions to strengthen its balance sheet.

The Company has also agreed to grant a second lien on the JFO Facility security
package in favour of the ICO Bonds. This change to the security is set out in
proposed amended and restated ICO Bond terms (“Terms”). In addition the Company
has agreed to provide a second lien on the assets currently secured to the ICO
Bonds as additional security for the JFO Facility.

To be implemented, the Waiver, the Deferral and the Terms 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, the Deferral and the Terms. The summons to be issued by the Bond trustee
is attached at Appendix A.

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 and interim financial statements of the Issuer on 30 August 2024.

The ICO Bonds were issued by a Jervois United States subsidiary, Jervois Mining
USA, secured by ICO and guaranteed by Jervois in 2021. 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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627191_240906 ICO Bond waiver extension deferral and amendments.pdf