US$50 million bond drawdown to fund ongoing construction of ICO

First drawdown on the Bonds follows RPM Global's January 2022 site visit in their capacity as Independent Engineer on behalf of the Bondholders, and submission to the Bonds trustee of an affirmed cost to complete test, confirming Jervois' Idaho Cobalt Operations development project ("ICO") in Idaho, United States, is fully funded to completion. Site cost and construction schedule remain on track with Jervois expecting first ore at ICO for August 2022 and sustainable commercial production to be reached from December 2022.

These funds will be used exclusively for ongoing construction of ICO. Once commissioned, ICO will be the only mine-supply of cobalt in the United States. Cobalt is a critical metal necessary for electric vehicles and energy generation and distribution in a carbon constrained economy, as well as industry generally, including the United States' defense industry.

Further information regarding the US$100 million Bonds are described in the Company's news release dated 5 July 2021.

Jervois' financial advisor in relation to the Bonds was Magma Capital Advisory.

On behalf of Jervois

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", "expecting" and other similar words or expressions identify forward-looking statements or information. These forward-looking statements or information may relate to the timing construction activities at ICO, the timing of productions at ICO, the use of the funds, 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.

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