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Jervois appoints RPM Global as independent engineer for

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douginil   Monday, 03/02/20 06:22:09 PM
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Jervois appoints RPM Global as independent engineer for Idaho project finance

March 2, 2020

HIGHLIGHTS

Jervois has appointed RPM Global USA Inc (“RPM”) to act as Independent Engineer (“IE”) for financing Idaho Cobalt Operations (“ICO”)

RPM will assess ICO on behalf of lender(s) in relation to the project financing required for the final phase of construction

RPM has a strong track record of acting as IE for debt financiers on mining projects globally and has significant base metals experience in North America

ICO Bankable Feasibility Study (“BFS”) due for completion by the end of March 2020; targeted close for project financing is mid-2020

This timeline enables final construction at ICO to commence during 2H 2020; first commercial production expected end of Q4 2021

Jervois Mining Limited (“Jervois” or the “Company”) (ASX: JRV) (TSX-V: JRV) (OTC: JRVMF) (FRA: IHS) is pleased to announce it has appointed RPM to act as independent engineer (“IE”) for prospective lenders as the Company works to finalise debt financing for its Idaho Cobalt Operations (“ICO”), USA. Jervois took ownership of ICO in July 2019.

RPM has a well-established (50-year) track record of acting as IE for financiers on mining projects globally, including significant base and precious metal experience in North America. The scope of work includes RPM completing an independent due diligence review of ICO and preparing an Independent Technical Expert (“ITE”) report in a form suitable for debt financiers of the project.

An Information Memoranda was sent to selected senior lenders in December 2019, with Jervois receiving indicative financing proposals the following month. A final decision with regard to lender(s) appointment will be aligned with BFS finalization.

The ICO BFS remains on track for completion by end of March 2020. The appointment of RPM as IE is an important step to maintain Jervois’s targeted timeline of debt facility drawdown availability by mid-2020.


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