Jervois Mining Acquires Freeport Cobalt for US$160 Million, Becoming Major Cobalt Player in Kokkola, Finland

Jervois Mining Limited (JRV) announced today it has agreed to acquire 100% of Freeport Cobalt for US$160 million. This acquisition positions Jervois to become the second-largest refined cobalt producer outside China, complementing its existing Idaho Cobalt Operations (ICO) and the São Miguel Paulista (SMP) nickel and cobalt refinery in Brazil.

Highlights of the Acquisition

• Long-Term Cobalt Refining Capacity: Jervois gains access to 6,250 mtpa of refining capacity at the world-class Kokkola refinery in Finland (operated by Umicore) through a toll refining agreement until 2093.
• Downstream Expertise: Freeport Cobalt brings a well-established downstream advanced materials platform with long-standing customer relationships across Europe, the US, and Japan.
• Financial Strength: Jervois raises A$313 million through a fully-underwritten equity raising to fund the acquisition and ICO development.

Strategic Benefits

• Diversification: Jervois expands its product portfolio and value chain, becoming a major player in the cobalt market.
• Growth Potential: The acquisition unlocks potential synergies with Jervois' existing assets and positions the company for further growth.
• Sustainability: Freeport Cobalt prioritizes responsible sourcing practices, aligning with Jervois' values.

Jervois CEO Statement (paraphrased): "This acquisition transforms Jervois into a global, vertically integrated cobalt and nickel company. We are excited to combine Freeport Cobalt's expertise with our existing operations to create significant value for shareholders."

Closing

The acquisition is expected to close at the end of August 2021, subject to customary closing conditions.