Jervois Global : Q1 2022 Results Presentation

Disclaimer

This presentation has been prepared by Jervois Global Limited ("Jervois" or the "Company"). It should not be considered as an offer or invitation to subscribe for or purchase any securities in Jervois or as an inducement to make an offer or invitation with respect to those securities in any jurisdiction. You should not act in reliance on this presentation material. You should conduct your own investigation and perform your own analysis in order to satisfy yourself as to the accuracy and completeness of the information, statements and opinions contained in this presentation before making any investment decision.

FORWARD-LOOKING STATEMENTS

This presentation contains certain statements that may be deemed "forward-looking statements". All statements in this presentation, other than statements of historical fact, that address productions, sales and events or developments that the Company expects to occur, are forward-looking statements. These forward-looking statements or information may relate to future estimates regarding production, capital and operating costs have been developed by the Company's personnel and independent consultants. The effects of future supply contracts, future sales contracts, future EBITDA for the group, operations at Jervois Finland, construction work to be undertaken at ICO, timing of production at ICO, preparation of and expected outcome in the studies on the SMP refinery, utilisation of the working capital facility, drawdown of the ICO Bond, the reliability of third-party information, and certain other factors or information. Such forecasts, projections and information are not a guarantee of future performance and involve unknown risks and uncertainties, many of which are out of the Company's control. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential", "targets" and similar expressions, or that events or conditions "will", ''would'', "may", "could", or "should" occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include, but are not limited to: general business, economic, competitive, political and social uncertainties; conclusions of economic evaluations; fluctuations in commodity prices; fluctuations in the value of the Australian dollar relative to the United States dollar, the Euro and the Brazilian Real; changes in operations parameters as plans continue to be refined; failure of equipment or process to operate as anticipated; changes in labor costs and other costs and availability of equipment or processes to operate as anticipated; accidents, labor disputes and other risks of the refining industry, including but not limited to environmental hazards, other acts of God or unfavorable operating conditions and losses, detrimental events that interfere with transportation of concentrate or the smelters ability to accept concentrate, including declaration of Force Majeure events, insurrection or war; delays in obtaining governmental approvals or revocation of governmental approvals; title risks; delays or unavailability in financing; failure to comply with restrictions and covenants in loan agreements, actual results of current activities; volatility in Company's publicly traded securities; and the factors discussed in the section entitled "Risk Factors" in the Company's annual information form and in the Company's continuous disclosure filings available under its profile on

SEDAR atwww.sedar.com and on the ASX.

Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. Accordingly, readers should not place undue reliance on forward-looking statements. The Company does not undertake to update any forward-looking statements, except in accordance with applicable securities laws.

FINANCIAL DATA AND ROUNDING

Certain financial measures included in this presentation are "non-IFRS financial information" under ASIC Regulatory Guide 230: "Disclosing non-IFRS financial information" and "non-GAAP financial measures" within the meaning of Regulation G under the U.S. Securities Exchange Act of 1934, as amended and are not recognised under Australian Accounting Standards ("AAS") and International Financial Reporting Standards ("IFRS"). Non-IFRS financial information/non-GAAP financial measures do not have a standardised meaning prescribed by AAS or IFRS and may therefore not be comparable to similarly titled measures presented by other entities and should not be construed as an alternative to other financial measures determined in accordance with AAS or IFRS.

Although Jervois believes these non-IFRS financial information/non-GAAP financial measures provide useful information to investors in measuring the financial performance and condition of Jervois Finland and the Jervois group, investors are cautioned not to place undue reliance on these non-IFRS financial information/non-GAAP financial measures. The financial information in this presentation is presented in an abbreviated form insofar as it does not include all the disclosures required by the AAS and other mandatory professional reporting requirements applicable to general purpose financial reports prepared in accordance with the Corporations Act.

All dollar values are in United States dollars (US$) or Australian dollars (A$) and financial data is presented as at 31 March 2022, unless stated otherwise. Due to rounding, numbers presented throughout this document may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures.

Further information regarding the basis of preparation of financial information in this presentation is included in Slide 18.

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Q1 2022 Highlights

Strong quarterly result for Jervois Finland, guidance for 2022 full year unchanged

Jervois Finland

Q1 2022

vs prior qtr

Sales volumes - tonnes

1,446

-14% ▼

Ave cobalt price (MB SG Low) - US$/lb

• 35.7 +21% ▲

  Revenue - US$M

  105.1

  +9% ▲

  Adjusted EBITDA1 - US$M

• 14.9 +282% ▲

  Adjusted EBITDA Margin - %

• 14.2 +10.1% ▲

2022 (full year)

2022 EBITDA guidance - US$M

50 to 55

Unchanged

Jervois Global (US$M)

Q1 2022

vs prior qtr

Cash (unrestricted at 31 March 2022)2

88.2 +79%

Debt drawn down (at 31 March 2022)3

125.0 +117%

Q1 2022 financial highlights (unaudited)

Notes: 1) See Slide 18 for information on the basis of preparation for the financial information included in this presentation; 2) A$117.8M excluding escrowed ICO bond accounts classified as restricted cash (FX rate: AUD:USD 0.749); 3) Represents aggregate of amounts drawn under US$75M working capital facility and amounts drawn down from Escrow Account under terms of US$100M Senior Secured Bonds. Amounts represent the nominal loan amounts; balances recorded in the Company's financial statements under International Financial Reporting Standards will differ.

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