Nico Young

Nickel-Cobalt

Highlights:

• Nico Young has JORC 2012 compliant Resources of 90.1Mt @ 0.63% Ni, 0.05% Co (Inferred), 3.2Mt @ 0.67% NI, 0.04% Co (Indicated) at 0.5% Ni Cut-off
• Mineral Resources are held in two Exploration Licences – EL5527 “Ardnaree” and EL5571 “Thuddungra”
• Mineralisation is associated with laterite enrichments of nickel and cobalt
• Jervois has completed more than 14,000m of drilling at Nico Young
• A Preliminary Economic Assessment for Nico Young in 2019 delivered positive results for future development potential
• Nico Young provides an attractive opportunity for development at higher metal prices
• Significant exposure to rising nickel and cobalt prices.

Nico Young is a nickel and cobalt deposit located 25km northwest of Young, New South Wales, Australia. Nico Young comprises two distinct bodies of mineralisation held under separate but adjacent exploration licenses: “Ardnaree” and “Thuddungra”. Both resources are large, shallow, flat-lying structures amenable to low-strip, open-pit mining.

Jervois has developed Nico Young into a core asset, with cobalt-nickel resources becoming increasing valuable as demand of lithium-ion batteries for a range of products including electric vehicles (EVs) continues to grow.

Nico Young is well positioned and serviced by existing infrastructure including rail, road, power and natural gas. The deposit is 300km from export facilities at Wollongong and 15km from existing rail loading facilities.

Jervois completed infill drilling at its Nico Young nickel-cobalt project in New South Wales, Australia as part of work towards a Bankable Feasibility Study. The drilling program comprised 86 drill holes totaling over 3,000 meters and was designed to increase confidence in the mineral resource by converting portions of the Ardnaree deposit from the Inferred to Indicated category. Jervois was awarded A$0.5 million funding under the NSW Government Critical Minerals Activation Fund to support environmental studies and metallurgical testwork associated with the BFS for Nico Young.

As part of an ongoing portfolio review,  Jervois has determined that Nico Young is no longer core to the company’s strategy and has commenced a divestment process. The company expects to pursue the sale of all or part of its 100 per cent interest in Nico Young, subject to realizing adequate value for the asset through a sale transaction.

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