Jervois Global Limited announced its inaugural JORC/CIM compliant MRE for the Sunshine deposit which, along with the RAM deposit is part of its 100%-owned ICO in the U.S. This Sunshine MRE has been completed in accordance with modern international geological reporting standards, namely the Australian JORC Code 2012, the Canadian Institute of Mining, Metallurgy and Petroleum ("CIM") definition standards and best practice guidelines (2014, 2018, 2019), and is reported in accordance with the Canadian Securities Administrations National Instrument ("NI") 43-101. The Sunshine MRE was fully funded by the U.S. DoD under the DPA Title III $15 million award ("Agreement Funding"), signed in June 2023. The Agreement Funding is under the Manufacturing Capability Expansion and Investment Prioritization office of the Assistant Secretary of Defense for Industrial Base Policy using the U.S. DPA Title III authorities and utilises funds from the Additional Ukraine Supplemental Appropriations Act.

The Sunshine MRE represents the first completed objective of the programme under the DoD Agreement Funding to advance U.S. cobalt supply chain security. Other initially agreed deliverables with the DoD are well underway, with underground drilling targeting expansion of the existing RAM mineral deposit as announced on 27 March 2024, and a Bankable Feasibility Study ("BFS") on a U.S. cobalt refinery also advancing. Mineral Resources: The MRE for the Sunshine deposit is presented below at a series of cut-off grades ("CoGs") including 0.25% cobalt ("Co") CoG which has been selected for current reporting.

Sunshine verification drilling completed in 2023 was successful in confirming the validity of ICO's historic Sunshine dataset across both the Sunshine and Sunshine East deposits (collectively referred to as "Sunshine") and provides confidence in its ability to generate reasonable confidence in developing a quantitatively accurate MRE. As part of the drilling efforts, robust QA/QC protocol already in place from recent RAM resource drilling campaigns was utilised to ensure accuracy in reporting of the Sunshine MRE. By validating the available historic data for the Sunshine deposit, ICO is able to maximise its resource expansion efforts under its DPA Title III Agreement Funding as the focus of activity shifts towards the RAM resource extensional drilling programme.

RAM extensional drilling is now underway within the ICO underground mine, with further mine drift development continuing to advance towards future planned drilling locations. Under the existing Agreement Funding ICO expects to continue drilling operations throughout 2024 to support an updated RAM MRE. Estimation parameters used to calculate the 2024 Sunshine MRE are discussed in greater detail below.

The Sunshine MRE utilises nominal 5-ft (1.5m) composite lengths. Where composited intervals exceed this nominal length, length average compositing is employed to limit "orphaned" data, otherwise excluded from the MRE. Density data for the Sunshine deposit is determined on a domain basis of mineralised vs.

non-mineralised bulk density utilising density values collected throughout the 2023 resource verification drilling campaign. Density samples were collected within both mineralised and non-mineralised zones across all 2023 drillholes. The Sunshine MRE is derived through ordinary kriging, with unrotated block sizing of 8 ft x 8 ft x 8 ft, with sub-blocking constrained by mineralised wireframe volumes.

Through incorporating 1,100m of 2023 resource verification drilling, employing robust QA/QC protocol and accurate surficial and downhole geospatial surveying techniques, the Sunshine MRE is able to utilise historic data within its modern estimation practices. The Company's long-term forecasted metal prices, used for the evaluation of the reporting cut-off grade for the 2024 Sunshine MRE, remain unchanged from those utilised in the 2023 ICO MRE and BFS. With the successful completion of its Sunshine resource verification drilling and MRE, Jervois' ongoing DPA Title III efforts are focussed on expanding the Indicated and Inferred depth continuity of the RAM MRE down-dip of the deposit's central zone and along strike to the north.

Underground development of exploration drill stations continues, with the underground drilling rigs and crews successfully mobilised to ICO in March 2024 to commence the extensional drilling initiatives. MRE Methodology: Modelling was conducted in local Mine Grid coordinates (in US feet). The MRE block model utilised an unrotated block size of 8 ft (X) x 8 ft (Y) x 8 ft (Z) to honour the mineralisation wireframes.

The percentage of the volume of each block below the bare earth surface and within each mineralisation domain was calculated using 3D geological models and a 3D surface model. The Sunshine drillhole database consists of 105 drillholes that intersect the interpreted mineralisation wireframes. The Co, Cu, and Au assays were composited to 5-foot composite lengths and the estimation utilised 1,600 composited samples.

Unsampled intervals within the interpreted mineralisation wireframes, assumed to be waste, are assigned a nominal waste value of half the detection limit of modern assay methods (0.005 % Co, 0.005 % Cu, 0.0025 g/t Au). Estimation of Co, Cu, and Au grades was completed using Ordinary Kriging in separate estimation passes for the interpreted primary Co and Cu mineralised zones of the deposit. The search ellipsoid size used to estimate each metal was defined by the modelled variograms. Block grade estimation employed locally varying anisotropy, which uses different rotation angles to define the principal directions of the variogram model and search ellipsoid on a per-block basis.

Blocks were estimated exclusively for Co (Domain A) and Cu (Domain B) domains and stitched together where primary mineralisation wireframes intersect using weighted ratings for estimated values where Co/Cu domains intersect of 80%/20%, respectively. The number of variogram structures, contributions of each structure, and their ranges are set per estimation domain and do not vary within the estimation domain. A total of 398 bulk density samples are available from the ICO drillhole database for Sunshine, of which, 60 are within the modelled estimation domains.

Jervois's geological adviser, APEX Geoscience Ltd. ("APEX") performed exploratory data analysis of the bulk density samples available and the density was assigned for mineralised and non-mineralised zones of the Sunshine deposit. The density of the deposit ranged from 2.68 g/cm3 to 3.24 g/cm3, with a mean density value of 2.89 g/cm3 assigned for interpreted mineralised zones. Non-mineralised country rock was assigned a density of 2.80 g/cm3.

Density values for the Sunshine MRE are aligned with those of the nearby RAM deposit and are believed to be of sufficient confidence for use in the current resource estimate of the Sunshine deposit.