Jervois commences drilling on its Sunshine deposit adjacent to ICO; costs refundable by the U.S. Department of Defense

Highlights:

• Jervois commences US$2.4 million surface drilling campaign at Sunshine deposit - 2 August 2023 - Jervois Global Ltd. ("Jervois") (ASX:JRV) (TSX-V:JRV) (OTC:JRVMF) commences its surface drilling campaign at the Sunshine deposit adjacent to Idaho Cobalt Operations ("ICO") in Idaho, United States. Mobilisation is underway with drilling expected to commence at the start of September 2023, pending final U.S. Forest Service ("USFS") approval.

  Drilling will occur under the previously announced the U.S. Department of Defense US$15.0 million funding agreement (the "Agreement Funding"). The Agreement Funding is under the Manufacturing Capability Expansion and Investment Prioritization office of Industrial Base Policy using the U.S. Defense Production Act Title III authorities and utilises funds from the Additional Ukraine Supplemental Appropriations Act.

  Jervois expects to spend US$2.4 million to complete approximately 2,000 metres of drilling from surface, designed to intersect the Sunshine deposit with the results expected to enable the deposit to be upgraded to a modern mineral resource. Sunshine is a unique brownfield exploration opportunity, with a significant historical dataset which has underpinned design of this upcoming programme. Sunshine is an historic deposit adjacent to Jervois's 100% owned ICO, within short trucking distance of the recently constructed processing facilities. The drilling campaign direct expenditure and associated Jervois programme supervision and administration is fully-refundable under the previously announced U.S. Department of Defense US$15.0 million Agreement Funding.

  Jervois' team in Salmon, Idaho is also planning an underground drill programme at its RAM deposit within ICO. Jervois expects to provide further updates on this additional programme as it progresses.

  On behalf of Jervois.

  Bryce Crocker, Chief Executive Officer

  For further information, please contact:

  Investors and analysts: Alicia Brown Group Manager - External Affairs Jervois Global alicia.brown@jervoisglobal.com

  Media: Nathan Ryan NWR Communications nathan.ryan@nwrcommunications.com.au Mob: +61 420 582 887

  Forward-Looking Statements

  This news release may contain certain "Forward-Looking Statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. When used in this news release, the words "anticipate", "believe", "estimate", "expect", "target, "plan", "forecast", "may", "schedule", "expected" and other similar words or expressions identify forward-looking statements or information. These forward-looking statements or information may relate to timing of drilling by ICO, the reimbursement of drilling costs by the DoD, the receipt of the drilling permit from the USFS; future drilling programs; and certain other factors or information. Such statements represent Jervois' current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by Jervois, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements.

  These forward-looking statements are based on assumptions and contingencies that are subject to change without notice and involve known and unknown risks, uncertainties and other factors, many of which are beyond the control of the Company and its related bodies corporate and affiliates (and each of their respective directors, securityholders, officers, employees, partners, agents, advisers and management), and could cause results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements or any projections and assumptions on which those statements are based.

  Forward-looking statements are provided as a general guide only and should not be relied on as an indication or guarantee of future performance. These statements may assume the success of the Company's business strategies, the success of which may not be realised within the period for which the forward-looking statements may have been prepared, or at all.

  The forward-looking statements are based on information available to the Company as at the date of this announcement. Except as required by applicable laws, rules or regulations, none of the Company, its representatives or advisers intends to, or undertakes to, or assumes any obligation to, provide any additional information, update or revise the statements in this announcement, whether as a result of a change in expectations or assumptions, new information, future events, results or circumstances.

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