Jervois Global Limited has commenced the underground resource extension programme at the RAM deposit at its 100%-owned Idaho Cobalt Operations in Idaho, U.S., via local contractors Small Mine Development and Major Drilling, funded under a USD 15.0 million agreement with the U.S. Government. The RAM resource extension programme has completed approximately 50% of the underground exploration drift and step-out drilling to define potential extension of the existing RAM mineral resource has commenced. Based on the existing USD 15.0 million Agreement Funding, Jervois direct expenditure for the resource extension programme including exploration development drifts, drilling, logging, assaying, MRE modelling and other related Jervois supervision costs through Fourth Quarter 2024, are fully funded by the U.S. DoD.

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.