Jervois Secures Additional US$24.5M Under Working Capital Facility

(TheNewswire)

27 November 2024 (Australia) – TheNewswire – Jervois Global Limited (“Jervois”) (ASX: JRV) (TSX-V: JRV) (OTC: JRVMF) advises it has secured from its lender under the Jervois Finland Working Capital Facility (the “JFO Facility”) a US$24.5 million increase in the limit for the delayed draw term loan (the “Term Loan”), first announced on 9 September 2024. This increases the Term Loan limit to US$32.0 million, with US$7.5 million drawn to-date.

US$8.0 million of the Term Loan limit increase is available to be drawn in accordance with Jervois’ budgetary needs, including all parties restructuring costs, prior to 14 December 2024. A further US$16.5 million is available to be drawn thereafter, again in accordance with Jervois’ budgetary needs including restructuring, and subject to certain milestones in relation to potential transactions to recapitalise Jervois’ balance sheet. Due diligence and negotiations continue to advance in respect of these potential restructuring transactions.

The JFO Facility maturity date, including Term Loan, is extended to 31 March 2025. In exchange for access to an increased Term Loan, Jervois has agreed that whilst the Term Loan remains in place, the JFO Facility limit will be reduced from US$150 to US$100 million. The Term Loan is incorporated into the terms of the JFO Facility, which in addition to the Term Loan, has a current outstanding balance of US$44.1 million.

Waivers under the JFO Facility and US$100 million 12.5% Idaho Cobalt Operations senior secured bonds (“ICO Bonds”) were extended in October, per the Jervois announcement “Extensions to Waivers under Jervois Debt Facilities” on 16 October 2024. The current waiver outside date under the JFO Facility and ICO Bonds has been further extended to 31 December 2024. For the ICO Bond extension to be implemented will require approval of at least 2/3 of the principal amount of the ICO Bonds. The process to obtain the necessary written resolution of the ICO bondholders will commence, and is expected to be passed, in the coming days, as the majority holder has agreed that its more than 2/3 of the principal amount of the ICO Bonds will approve the amendment.

Jervois current cash balance is US$9.8 million1 and drawn senior debt is US$151.6 million.

On behalf of Jervois Global Limited

Bryce Crocker, CEO

For further information, please contact:

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 available facility amount, the restructure of the balance sheet 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. Jervois does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affections such statements and information other than as required by applicable laws, rules and regulations.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

1 As at 24 November 2024.

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