Acquisition of Shares of Jervois Global Limited

MELBOURNE, July 12, 2023 - AustralianSuper announces that it subscribed for 90,618,895 ordinary shares ("Shares") on 21 November 2022, 40,658,710 Shares on 7 December 2022 and a further 114,968,005 Shares on 7 July 2023 in the capital of Jervois Global Ltd. (ASX: JRV) (TSXV: JRV) ("Jervois"), such that immediately following the third subscription, AustralianSuper held a total of 498,961,140 (or approximately 20.65%) of the issued and outstanding Shares in Jervois.

The Shares were acquired pursuant to private placements and entitlement offers by Jervois to institutional and sophisticated investors. The 7 July 2023 purchase price per Share was AUD0.06/ CAD0.053 for an aggregate total purchase consideration of AUD6.9 million/CAD6.1 million.

The head office of Jervois is located at Suite 2.03, 1-11 Gordan Street, Cremorne, Victoria, 3121, Australia.

AustralianSuper acquired the Shares for investment purposes in the normal course of its business and not with the purpose of influencing the control or direction of Jervois.

AustralianSuper has also sub-underwritten the retail component of Jervois' Entitlement Offer (up to AUD10.6 million / CAD9.38 million), which will leave it with a maximum post Entitlement Offer shareholding in Jervois of 25%.

In addition, AustralianSuper may in the future, subject to market conditions, make additional investments in or dispositions of Jervois' securities for investment purposes.

This news release is issued by AustralianSuper pursuant to National Instrument 62-104 Take-Over Bids and Issuer Bids of the Canadian Securities Administrators. AustralianSuper will file a report in respect of its acquisition of Shares with the applicable securities commission or securities regulator in each Canadian jurisdiction in which Jervois is a reporting issuer. A copy of the report may be obtained from Andrew Lazar (phone: +61 3 9089 1634) at Level 30/130 Lonsdale Street Melbourne, Victoria, 3000, Australia. AustralianSuper has also made the necessary disclosures on the Australian Stock Exchange (ASX).

AustralianSuper is Australia's largest superannuation fund and is regulated by the Australian Prudential Regulation Authority. AustralianSuper manages A$300 billion in members' retirement savings on behalf of more than 3.1 million members from more than 448,000 businesses.

SOURCE AustralianSuper