Effective Date of Chapter 11 Plan

09 Jul 2025 02:47 CEST

The Jervois group (“Jervois”) advises it has closed the funding and
recapitalisation agreement with leading United States (“U.S.”) alternative
investment firm Millstreet Capital LLC (“Millstreet”) announced on January 2,
2025.

The comprehensive balance sheet reset to both take the company private, and set
it up as a platform for future success, is an important milestone for Jervois
and its stakeholders, including customers, suppliers, employees and host
governments where we operate. Jervois now has a delevered balance sheet and
resources to drive future growth. The only remaining Jervois debt is
approximately US$30 million drawn on the US$150 million Jervois Finland Working
Capital Facility, with all other prior Jervois group debt having been
extinguished. Furthermore, the recapitalisation included an investor-led US$145
million new equity or cash injection, of which US$70 million is planned to
underpin the restart of the São Miguel Paulista (“SMP”) nickel cobalt refinery
in São Paulo, Brazil.

Jervois is now a well-capitalised, private, U.S. controlled group. In the lead
up to, and through the recapitalisation process, all of Jervois’ subsidiaries
continued to operate, with no impacts to business continuity or customer product
delivery and service.

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650913_250513 Jervois - emergence as private company.pdf