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Jervois also completed engineering design and costing, flowsheets to produce separated cobalt and copper concentrates, and calcined (roasted) cobalt concentrate as part of the BFS. The BFS is based upon design of a concentrator producing a cobalt-copper bulk concentrate with gold credits.

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Key drivers for development of ICO was Jervois' recognition that incorporating flexibility in design to enable a final investment decision to be undertaken on either bulk or separated cobalt and copper concentrates, together with potential concentrate roasting or calcination, had the greatest potential to enhance off-take negotiations and underpin an economically optimised operation.

Jervois' January 2020 updated Mineral Resource Estimate (' MRE ') was integrated into a revised mine plan and mining reserve, together with design of the metallurgical plant and final infrastructure requirements. The BFS confirms the potential of ICO to establish a near term, low cost cobalt-copper-gold mine, with significant opportunity to increase the mineral resource and extend mine reserves once mining commences. The technical quality, rigour and conservatism applied in the BFS has confirmed the uniqueness of ICO in its ability to become the only source of domestic cobalt supply in the United States. Since acquiring ICO in mid-2019, Jervois has increased confidence in its ability to successfully bring the site into commercial production. This optionality enhances its current negotiations with customers on concentrate sales.Дў9 September 2020 - TheNewswire - Jervois Mining Limited (the ' Company ' or ' Jervois ') (ASX:JRV) (TSXV:JRV) (OTC:JRVMF) is pleased to announce successful completion of an updated Bankable Feasibility Study (the ' BFS ') for its 100%-owned Idaho Cobalt Operation (' ICO ') in the United States. Negotiations with potential lenders and off-take partners continue to advance today's announcement of Jervois' agreement to acquire the Sao Miguel Paulista nickel and cobalt refinery in Brazil provides additional marketing flexibility and allows Jervois to further beneficiate ICO concentrate internally and deliver customers refined cobalt. Operations are permitted and all infrastructure required for final construction of the mine and processing facilities is in place. ICO represents a low capital, high return investment and will be the only cobalt mine in the United States upon forecast commissioning in mid-2022. Total project capital cost of US$78.4 million to produce a bulk concentrate post-tax payback of all capital by 2.8 years from technical completion. Forecast life of mine cash costs of US$7.45/lb payable cobalt on a post by-product basis (assuming copper and gold prices of US$3.00/lb and US$1,750/oz respectively). At a cobalt price of US$25.00/lb, average annual EBITDA in real terms projected to be US$54.8 million over life of mine at an operating (EBITDA) margin in excess of 50%.

Updated Ore Reserve of 2.5M metric tonnes ('mt') 0.55% Co, 0.80% Cu and 0.64 g/t Au approximate average annual contained production of 1,915mt cobalt, 2,900mt copper and 6,700oz gold, with operations starting in Q2 2022. Net Present Value ('NPV'), at an 8% (real) discount rate, of US$113.4 million on pre-tax cash flows and US$95.7 million on post-tax cash flows nominal Internal Rates of Return ('IRR') of 45.2% pre-tax and 40.6% post tax based on annual inflation of 2.5%. Jervois Mining ('Jervois') announces positive Bankable Feasibility Study (the 'BFS') from its 100%-owned Idaho Cobalt Operations ('ICO') in the United States, based on processing 1,200 short tons per day ('stpd') of mined cobalt-copper-gold ore.

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