Idaho Cobalt Operations

Jervois acquired the partially complete Idaho Cobalt Operations (“ICO”) near Salmon, Idaho in 2019. Having finalised construction of ICO, Jervois will commence commissioning in H2 CY2022, with full rate ore processing forecast by early 2023.

Once in production, ICO will be the only primary cobalt mine in the United States and will supply a critical metal necessary for electric vehicles, energy generation and distribution, defense and other industries and plays a key role in the transition to the low carbon economy.

Jervois has commenced infill and expansion drilling at ICO from both surface and underground platforms to improve ICO’s resource model to be used for short and medium-term mining operations. The RAM deposit at ICO remains open at depth and along strike, and Jervois is confident of strong potential of both resource and reserve expansion.

In addition, planning is underway in relation to Jervois’ neighbouring Sunshine deposit and historical mineral resource where it is preparing for 2023 summer drilling. The historical Sunshine cobalt resource is located a short traverse to the ICO mill and concentrator.

ICO is a key asset in delivering Jervois’ strategy to become a leading independent cobalt and nickel company providing metals and minerals for the world’s energy transition through a western supply chain.

ICO Environmental Social Governance

At ICO, Jervois will apply best-in-class environmental and safety standards, systems, and techniques in the production of cobalt in Idaho as part of its overarching environmental, social and governance (“ESG”) policies. Key activities related to both the regulatory requirements at ICO as well as voluntary activities form the basis of our aim to be a positive contributor to the local and regional communities, businesses and environments.

Jervois has partnered with the Idaho Conservation League to develop the Upper Salmon Conservation Action Program (“Program”) to protect and restore fish, water quality, wildlife habitat, and biodiversity within the Upper Salmon River basin. This innovative and voluntary partnership funds projects to protect and enhance this ecologically important region of Idaho, with Jervois Mining USA contributing US$150,000 per year into a dedicated fund for the Program through the operational life of the ICO mine. The Program is separate from and unrelated to the mitigation measures and other regulatory requirements applicable to ICO. The Program will also include an ongoing dialogue with communities in the area, including the Shoshone-Bannock and Nez Perce Tribes, as well and local, state, and federal agencies, about investment priorities for the Program.

Electricity at ICO will be provided by Idaho Power, an Idaho corporation, which draws more than 75% of its energy mix from renewable sources (as of 2019). It was the first investor-owned utility to establish a clean energy goal without a government requirement, aiming to be 100 percent clean energy by 2045 and offer additional green-energy solutions for more renewable, carbon-free electricity. ICO continues to discuss future opportunities with Idaho Power that may allow ICO to take advantage of Idaho Power’s innovative approach toward clean energy; continuing to reduce ICO’s already industry leading carbon footprint.

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